The earth functions like a magnet AND a battery. When you get to the size of our planet, magnetic/gravitational/energy forces behave differently then they do at a smaller scale. The polar caps function like the top and bottom (positive/negative) parts on a battery AND a magnet. Energy flows to/from each end to create our solar wind shield. I won't try to explain it all, but the movement of the molten stuff in the core, against exterior land creates a ton of charge in all the particles, not just the metal. The water covering the majority of our planet and the moon pulling that water to and fro creates further charge with tides, rivers, etc. There is also the daily heating/cooling experienced by the rotation of the planet (but less on the white snow caps), and the yearly rotation around the sun, in addition to the wobble motion through the seasons. Think about how much energy you get in a handhel gyroscope or spinning top, then amplify/multiple it with all the forces above. That energy has to go somewhere! Not to mention all the Hydrogen locked up in the water.
Beware however, if the magnetic sheath drops, that water (Hyrdogen) will be very swiftly dispatched and vaporized and absorbed in to space and by our sun! Venus was tipped on its side, possibly due to one of the poles melting, and Mars had its water stripped way, quite possibly for similar reasons.
When someone said out planet has Goldilocks conditions for life, I wonder if people truly understand the amazing rarity and fragility of it all. The fact that our planet exists in its current wonderful form is such a high odd lottery, and we WON! Yet the fruits of that win are being squandered away, because we are continuing to tinker with it's inner workings and disrupt it's gentle balance from within. Man is VERY powerful now, in aggregate - and it's about time we woke up and realized that collective power and took charge of it, instead of walking around like Deer's in the headlights.
The earth is already bound to one day be pulled in by the sun and become one, we certainly do not need to expedite that process and prematurely liberate all the energy on our rock. Energy has a will, and it wants to be free, we need to recognize that force, and take charge of it. I hate to say it - but Elon Musk is one of few people I can think of that truly understands what's going on. We need to buy ourselves some time, and get to 100% sustainability, and focus on expanding our horizons beyond this planet to create hope for the future of humanity.
Wake up folks, the internet has the capability to help us solve our scaling/greed/growth issues, let's get after it. The time for a new Sustainability Currency is NOW. It's time to re-engineer our society and build a NEW American dream that EVERYONE can aspire to. Zero Carbon, Sustainability, Automation, Shortened Work Hours, Better Quality of Living, and more time for collective growth and development of humanity and our knowledge, and most importantly, more time for FUN!
We can do this. But the existing power structure and greedy money influence has to stop. We will in-fight our way to oblivion if the Sociopath 1% don't start taking bold action. The people are figuring things out, and the current prolonged economic stagnation period should be all the indication necessary that change is coming.