The nonlinear theory of two-dimensional magnetic electron drift modes
is outlined. A Hamiltonian structure and integral invariants are ident
ified. Spectral and statistical properties art considered and an energ
y spectrum with several similarity ranges is found. The inhomogeneity
of the system is reflected by spectral anisotropy. Stationary localize
d vortex solutions are given, The linear stability of vortex street so
lutions with respect to the long wavelength perturbations is establish
ed. It is shown that nonlinear stability cannot be proven using Arnold
's method.