The Earth connection used for buildings is nothing to do with the flow of power (current). The Earth connection is for SAFETY from lightning...
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It is most CERTAINLY not to prevent shocks due to equipment faults, etc.
Hmmm.
HowStuffWorks "What is the difference between two- and three-pronged plugs?"
The ground slot and the neutral slot of an outlet are identical. That is, if you go back to the fuse box, you will find that the neutral and ground wires from all of the outlets go to the same place. They all connect to ground (see How Power Distribution Grids Work for details on grounding). Since they both go to the same place, why do you need both?
If you look around your house, what you will find is that just about every appliance with a metal case has a three-prong outlet. This may also include some things, like your computer, that have a metal-encased power supply inside even if the device itself comes in a plastic case. The idea behind grounding is to protect the people who use metal-encased appliances from electric shock. The casing is connected directly to the ground prong.
Let's say that a wire comes loose inside an ungrounded metal case, and the loose wire touches the metal case. If the loose wire is hot, then the metal case is now hot, and anyone who touches it will get a potentially fatal shock. With the case grounded, the electricity from the hot wire flows straight to ground, and this trips the fuse in the fuse box. Now the appliance won't work, but it won't kill you either.
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Red emphasis mine)