From what I've heard, these earthing/grounding cables supposedly make the car run smoother, and can sometimes give subtle power gains.
As I understand them (which I honestly can't say I do) they give the battery a much better ground, giving something like a better spark, stronger stereo radio reception, brighter lights (interior and exterior?), and generally eliminates any inefficiencies brought about by stock (insufficient) grounding of the battery.
I'm skeptical of anyone who claims significant power gains, but I don't doubt that on an older car, this could help smooth things out.
:shrug:
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