Took a look at the schematic today for the dryer (240v). I've always
wondered how they serve up 240 V with 120V components (e.g. timer motor)
on only three wires.

You see, I always thought that the grounded conductor should never be
current-carrying, in the theory that if the ground feed should break,
then the metal chassis of the appliance does not get energized.

Well looks like that "3rd" wire, is a neutral, and judging by the dryer
schematic, is both used as a chassis ground and a current-carrying
conductor for the 120V items on the dryer -- such as timer and drum motor.

OK -- am I totally wrong about the code and theory, or is this unsafe?
Seems to me that dryer would get real "hot" should their be a fault in
the neutral conductor to the breaker box.

I know I'm missing something here as this is SOP as far as I am aware.
Someone please inform me?
T