As Pierre-Simon Laplace noted around 1814, such a theory would also (in theory) grant a sufficiently powerful being the ability to determine any future state of the universe, thus making the future as readily accessible as the past (at least from that powerful being's frame of reference).
In a disturbing consequence of all effects having only material causes, morality would become a non sequitur, since people would effectively have no free will: i.e., regardless of the choices you make, your mind and its decisions actually remain the result of countless underlying chemical reactions interacting with the environment through your senses. At a fundamental level in a causal deterministic universe, you do not really decide anything -- everything just consists of particles dancing their dance according to mere physical law.
See also: Determinism