We show that a subgroup of the modular group of M-theory compactified on a
ten torus, implies the Lorentzian structure of the moduli space, that is us
ually associated with naive discussions of quantum cosmology based on the l
ow energy Einstein action. This structure implies a natural division of the
asymptotic domains of the moduli space into regions which can/cannot be ma
pped to Type II string theory or 11D Supergravity (SUGRA) with large radii.
We call these the safe and unsafe domains. The safe domain is the interior
of the future light cone in the moduli space while the unsafe domain conta
ins the spacelike region and the past light cone. Within the safe domain, a
pparent cosmological singularities can be resolved by duality transformatio
ns and we briefly provide a physical picture of how this occurs. The unsafe
domains represent true singularities where all field theoretic description
of the physics breaks down. They violate the holographic principle. We arg
ue that this structure provides a natural arrow of time for cosmology. All
of the Kasner solutions, of the compactified SUGRA theory interpolate betwe
en the past and future light cones of the moduli space. We describe tentati
ve generalizations of this analysis to moduli spaces with less SUSY.