Einstein, Podolsky and Rosen versus Bohm and Bell
  There is an opinion that the Bohm reformulation of the EPR paradox in terms of spin variables is equivalent to the original one. In this note we show that such an opinion is not justified. We apply to the original EPR problem the method which was used by Bell for the Bohm reformulation. He has shown that correlation function of two spins cannot be represented by classical correlation of separated bounded random processes. This Bell`s theorem has been interpreted as incompatibility of local realism with quantum mechanics. We show that, in contrast to Bell`s theorem for spin or polarization correlation functions, the correlation of positions (or momenta) of two particles, depending on the rotation angles, in the original EPR model always admits a representation in the form of classical correlation of separated random processes. In this sense there exists a local realistic representation for the original EPR model but there is no such a representation for the Bohm spin reformulation of the EPR paradox. It shows also that the phenomena of quantum nonlocality is based not only on the properties of entangled states but also on the using of particular bounded observables. 
Andrei Khrennikov and Igor Volovich