Power from global loop power cable ?

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Just a thought ... Given that the earths magnetic field has a stream of small changes, would a power transmission line forming a loop around the equator generate useful power ? Not exactly economic of course. Maybe just circumnavigating the arctic circle would be enough ?
 
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Magnetic storms with ionospheric currents would dominate the loop output. One big problem would be in regulating the voltage and current.

Since the Earth's field passes in the same direction, both above and below the loop, most of the field variation would cancel.

Maybe find an East-West tunnel through a hill, then wind a loop through the tunnel and over the hill. That will pick up variations in the Earth's field.
 

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