Suppose I have a simple DC circuit. If I wrap the wire around a piece of iron, I create an inductor. Having a steady flow of current creates a steady magnetic field around the piece of iron. If I remove the power supply and put a wire in its place, the magnetic field will collapse and send a current back in the opposite direction of the current which created the field. What happens if I don't have a nice discharge path? What if I charged the inductor then cut the wire? The field still collapses, but where does my current/voltage go?