"Audioengr, So, lets take a 60HZ signal and run it down the "Signal carrying" wire. Since this would be the same as a 60hz sine wave, are you trying to say that the positive half cycle goes down one wire and the negative half cycle comes back on the ground?"
No, what I am saying is that when there is a positive current flowing in the signal wire of an interconnect, there is an equal and opposite current in the "ground" or "return" wire.
We are talking about AC here. Hate to disagree, but I don't think so. Also, we cannot have current without voltage since volts push amps. In less than 120 volt applications, we have one line of potential(as in house wiring)and according to your described theory the ground(neutral) would also have be a hot wire since each half cycle would need to be equal with respect to volts and amps on each conductor.
No, the Neutral in house wiring is not ground (earth ground). Hot is equivalent to signal wire and Neutral is equivalent to return (which can be ground) in an interconnect. Current flows in both Hot and Neutral, but not in the earth ground. Since the ground for interconnects is also used as a return path, there will be current running in this one.
"In 35 years of being around electricity in various forms, I've never had the need to measure the ground except when we had an electrical "Short" popping people."
In audio systems, it is important to measure earth ground as the system usually comprises several components plugged into several outlets, which may be on different circuits. The result is that the various grounds can be at different potentials, which can result in hum due to current flowing in the power-cable ground wires. The fact that there are ground connections between components through the grounded power cords and also in the interconnects creates ground-loops by definition. This is unavoidable in "single-ended" systems.
Balanced signalling eliminates this problem becase there is an earth ground with no current flowing in it and two signal wires with equal and opposite currents. So, you see, the balanced interconnect is actually more similar to household AC wiring with Hot, Neutral and Earth Ground being similar to +, - and Ground.
BTW - I have 26 years experience as an degreed Electrical Engineer.