Richard Clark wrote:
By that same logic it follows that the power "into" the transmission
line was in fact never "into" the line at all but into the circulator
input, ...

Very flawed logic as can be proven by observing the modulation
associated with the circulator. That modulation has obviously
made a round trip to the load and back. Sorry about that.
--
73, Cecil http://www.qsl.net/w5dxp