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It's true that the money could have been spent on trying to resolve any of the numerous problems in the world, but from a philosophical POV, science needs to have its boundaries pushed to create new and useful developments.
If you read the novel "Earth" by David Brynn (Brinn?) it speculates on the artificial creation of black holes. I'm no quantum physicist, but it makes a plausible argument that these artificial black holes need to be constantly fed with matter, otherwise they 'die'. More importantly, that the energy produced by these entities is so vast it would pretty much solve the global energy crisis.
From a more balanced angle though, these scare stories put out by newspapers usually have very little basis in fact, and are usually written by journalists with little or no proper scientific background or knowledge of their subject matter.
I strongly recommend you read the 'Bad Science' setion of the Guardian. Look through the newspapers site or the columnist has a dedicated site (i think www.badscience.net or something like that). It's amazing how much of the stuff we're told in the name of 'science' is actually complete guff!
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- new books to read are always good, thankyou for your answer which was not only informative and polite but also put my panicky mind at rest.