The nonlinear theory of two-dimensional magnetic electron drift modes is outlined. A Hamiltonian structure and integral invariants are identified. Spectral and statistical properties are considered and an energy spectrum with several similarity ranges is found. The inhomogeneity of the system is reflected by spectral anisotropy. Stationary localized vortex solutions are given. The linear stability of vortex street solutions with respect to the long wavelength perturbations is established. It is shown that nonlinear stability cannot be proven using Arnol'd's method.
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