The real problem with this "method" of grounding is the open neutral scenario. If the neutral opens somewhere downstream of your jewish neutrals (that's a good one) everything metal in your wiring system will be unexpectedly energized upstream of the open neutral creating a horrible situation. That's why the ONLY place the ground and neutral are bonded is the service entrance, the very last place (or first depending on how you look at it) in the system. Open neutral on the pole will create total havoc here. But that is the rare situation.
Bottom line, don't do it! Just forget the ground if you don't have the ground wire, it's safer that way.
Current doesn't flow to ground BTW. It flows in a loop to the negative terminal of the battery in DC systems or the center tap of the transformer in three wire AC. The system ground is to provide a stable reference (around O V.) for the neutral and for lightning protection. (I have never been able to find a straight answer on where lightning goes - where is its source? And, if it's the sky how does it return to its source like all electricity must?). The device grounds provide LOCALIZED fault clearing at the devices whereas the ground rod is solely for lightning, and stabilization. There will not be enough current flowing down through your ground rod through the massive resistance of the earth's surface back to the ground rod by the pole and up to the transformer center tap to trip a breaker so you can clear a fault.
You don't need a ground for the system to work. There are many floating systems.
