It doesn't apply an electromagnetic wave as without a completed circuit such as connecting a cable between the source component and the downstream component, there will be no current flow.Thank you for coming up with an example that conclusively proves my point. That flow is a poor choice to describe what we call AC current.
Conventional wisdom says, as you and others have pointed out, that in order to have current flow you must have a complete path. That is true in DC and because of that it makes sense to use the word flow with DC. However, something different is happening with AC.
Hook up a radio transmitter to a cable that is several wavelengths long but has no load, it is open. An EM wave will travel the length and reflect back to the source. Google "time domain reflectometer" for a practical application of this phenomenon. The effective load on the transmitter can be an open, a short, or something in between depending on the length of the cable. If the length is just right it will appear to the transmitter as a short and a lot of current will "flow." It can be measured and it will heat up the wire just as if it was terminated. How can that be? How can current "flow" when there is no complete path? Because the electron are vibrating on this open ended cable just like they are vibrating on one that is terminated with a short. As you just pointed out they are not actually flowing. They can't flow because the path is broken, yet I can measure the AC current because AC current is not really a flow.
http://www.microwaves101.com/encyclopedia/quarterwave.cfm
So why isn't that an issue with audio circuits. It would be if the cables were approaching a quarter wavelength but that would be several miles at audio frequencies so it doesn't cause any problems.
Here's an interesting read where the author discusses some of the many misconceptions about electricity. I'm not saying it is exactly what we are discussing here but I bring it up to illustrate that even though many of the ideas people consider to be common knowledge or conventional are in fact, wrong. http://amasci.com/miscon/elect.html In one section he makes the statement "In AC circuits the electrons don't flow forward at all, instead they vibrate slightly. The energy is carried by the circuit as a whole, not by the individual charged particles."
So much for that.
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