  An effective theory is suggested for the particle-anti particle and the
particle-particle modes of strongly disordered electron systems. The effective
theory is studied in the framework of the saddle point expansion and found to
support a vacuum which is not invariant under translations in imaginary time.
The Goldstone bosons of this symmetry breaking generate a pole in the
density-density correlation function. The condensate of the auxiliary field
corresponding to the particle-particle channel produces conductivity without
relying on the long range fluctuations. The results are obtained for $d>1$.
