space elevator

so right now space elevators won't work because there is no substance strong enough to build a wire from earth to geosync orbit.  so I was thinking:  what if we were to place a wire around the planet at LEO?  the wire would spin and we could use it to push against while lifting objects up.  also, the wire could carry a small current around it so as to raise itself up inbetween lifts and maintain a stable orbit using the earth's magnetic field.

"Fiber materials such as graphite, alumina, and quartz have exhibited tensile strengths greater than 20 GPa (Giga-Pascals, a unit of measurement for tensile strength) during laboratory testing for cable tethers. The desired strength for the space elevator is about 62 GPa."

"Above: Carbon nanotube (CNT) is a new form of carbon, equivalent to a flat graphene sheet rolled into a tube. CNT exhibits extraordinary mechanical properties: the Young's modulus is over 1 Tera-Pascal and the estimated tensile strength is 200 Giga-Pascals."

http://science.nasa.gov/headlines/y2000/ast07sep_1.htm

so carbon nanotubes will work...IF you can get them to form the rope needed, and IF they don't explode on you.

http://www.newscientist.com/article.ns?id=dn2219