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The conventional wisdom is no, we'll never be able to predict them down to an exact location, time, and magnitude. The problem is that there are millions of variables that can't be measured accurately enough to know when an earthquake will happen and how big it will be. Not to mention the fact that there doesn't exist yet a model of the Earth's crust that's accurate enough to yield correct answers even given perfect and complete knowledge of the system at any time. Another way to look at it is to broaden the idea of prediction to include probabilities of an Earthquake occurring in a certain geographic area within a certain period of time (say withing 10 years) of a certain magnitude, then it can be said yes, that's definitely possible and is already being done.
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