The “normal” flow of current starts at the panel, goes through the breaker, travels along the “hot” (i.e., ungrounded) conductor, to and through the load, travels along the “neutral” (i.e., grounded) conductor to the neutral bar at the panel, and at that point we can say that it has returned to its source. Now I will address your questions. Let’s say we are talking about a light pole.
Suppose there is a failure internal to the light pole, such that a live wire comes into contact with the metal exterior parts. The current path I described above is still in effect, and the light is still operating. But now there is a second current path. It starts the same way, going through the breaker and the hot conductor. Once inside the light fixture, the current will flow along the faulted wire to the metal pole, from there to the wire you have attached to the case and also attached to the local ground rod. The current will travel along that wire, to the ground rod, into planet Earth, along the dirt to the location of the building’s grounding electrode system, into and up that system’s ground rod, up the grounding electrode conductor to the neutral bar inside the main panel, and at that point we can say that it has returned to its source. The amount of current that will flow along this path is limited by the resistance of this path. Others have already talked about this. The result is that the amount of current that this fault path adds to the total current seen by the breaker will not be enough to trip the breaker. That is why the suggestion made by the several innocent people whose intentions are good is absolutely guaranteed to fail.
It is also important to note that with the local ground rod in place, and with the fault I describe above, if a person touches the pole, it will create yet again another current path. In addition to current flowing from the metal pole to the local ground rod, current will flow through the person’s hand, along the body to the feet, into the dirt, and back to the source via the building’s ground rod. Once again, this extra current will not be enough to trip the breaker. But it will be enough to kill the person.
The only way to make this installation safe is to install an equipment grounding conductor, as others have already mentioned.