the argument I make about the magnetic domains in newly formed rocks is this. When rock forms, and cools below the Curie temperature for ferromagnetic materials, the field cooling creates a remnant magnetic field with the direction of this field aligned with the polarity and direction of the earth's magnetic field at the time of cooling. In the case of mid ocean ridges, this forms a striation of rock in which the polarity of the magnetic field can be ascertained through the direction of the remnant magnetisation, and is one method by which we know that the earths magnetic field reverses.
Now if ECD takes place along the 70th meridian, and because earth is a sphere, then parts of the world will have its crust now at a different angle to the magnetic field, and thus the domain striations will also be recoded at an angle to the magnetic field. For example, a shift along the 70th meridian will cause the longitudes between to tilt with respect to their original orientation with respect the magnetic field. This would result in a distinct skew of a very appreciable angle, in the magnetic field direction of rock formed after an ECD event. To my knowledge this skewing of the magnetisation direction is not observed, thus casting doubt upon the ECD model.
On the note of 95% extinction, I think perhaps you were thinking of the Permian-Triassic extinction at the end of the Permian era, which resulted in the extinction of 90-95% of species.
For the Hawaiian argument, the tubes that form the islands, are connected to a mantel plume, and any major shift in the crust would disconnect them from the plume source. The chain of islands formed and are still forming because of the slow movement of the plate above the plume. Thus if there was a discontinuous shift in the crust such as proposed by ECD, then there would be a discontinuity in this chain of islands which have been growing for 6 million years. It would also likely move the islands away from the underlying plume system, cutting off the tubes from the magma plume reservoir, halting (or at the least retarding) volcanic activity (which is still observed on the isalnds today).
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