We consider the set of controlled time-dependent backgrounds of general relativity and string theory describing 'bubbles of nothing', obtained via double analytic continuation of black hole solutions. We analyze their quantum stability, uncover some novel features of their dynamics, identify their causal structure and observables, and compute their particle production spectrum. We present a general relation between squeezed states, such as those arising in cosmological particle creation, and nonlocal theories on the string worldsheet. The bubble backgrounds have various aspects in common with de Sitter space, Rindler space, and moving mirror systems, but constitute controlled solutions of general relativity and string theory with no external forces. They provide a useful theoretical laboratory for studying issues of observables in systems with cosmological horizons, particle creation, and time-dependent string perturbation theory.
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