Abstract
Abstract We discuss a novel fluctuational mechanism explaining the physics of nearly antiferromagnetic Kondo lattices (KL). The effective action for KL model is expressed in terms of Bose operators responsible for paramagnetic excitations and semi-bosonic fields describing the dynamic Kondo clouds created by conduction electrons around local spin. The gauge invariant resonance valence bond theory of interacting Kondo clouds describes the spin liquid with strong critical fluctuations imitating itinerant fluctuation magnetism of Moriya type.
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