
First, it will not pass a National Electrical code inspection.
Secondly, The neutral wire is current carrying and the ground wire
shouldn't be, or only during a fault condition.

The reason the neutral and ground are tied together in the panel is the
tranformer on the power pole has a grounded center-tap secondary, with the
grounded center-tap the neutral.  This gives 120v to neutral(ground) from
each side of the transformer and 240v across the transformer.  So in effect
the neutral and ground should be at the same potential. 

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Mark E. Kilpela              email mkilpela@mtu.edu
Michigan Technological University
School of Technology