  We study a model of the quantum critical point of cuprates associated with
the "circulating current" order parameter proposed by Varma. An effective
action of the order parameter in the quantum disordered phase is derived using
functional integral method, and the physical properties of the normal state are
studied based on the action. The results derived within the ladder
approximation indicate that the system is like Fermi liquid near the quantum
critical point and in disordered regime up to minor corrections. This implies
that the suggested marginal Fermi liquid behavior induced by the circulating
current fluctuations will come in from beyond the ladder diagrams.
