As indicated in the other answer, this narrative point of view is called third person omniscient. It is only fully possible in fiction writing, for in writing nonfiction, even what is called narrative nonfiction, the writer cannot possibly know every detail of the thoughts and lives of either historical or living people.
Other points of view include first person, which involves a character telling a story from his or her own point of view, using "I" and "me" in description of the action. In this form of narration, the reader can only see, hear, sense, or understand what the first person narrator experiences. Third person limited narration is similar, although it is told from the point of view not of the narrator but of one particular character, a person who the narrator refers to by his or her name and as "he" or "she." In this case, we are allowed into the mind of that character and can only gauge what others are thinking through that single character's reactions and perceptions.
Second person narration, which uses "you" and "your" to tell a story, is much more unusual but can be used effectively to create a sense of distance between a narrator and the events he is describing.
The method of storytelling in which a narrator is privy to the thoughts and feelings of characters and can move freely through time to reveal information is known as a third person omniscient point of view. This is different from a third person limited point of view, in which knowledge is filtered through the perspective of a character, thus limiting the scope of information. In a work of literature narrated through a third person omniscient viewpoint, the author has a great amount of freedom with which to construct a story, and readers can easily be given relevant background information regarding any aspect of the story. This point of view is particularly useful in developing characters, since an omniscient, all-knowing narrator can provide intimate insight into a character's history and feelings. Omniscient narration is often more objective than first person or third person limited narration, since information is revealed directly by the author as opposed to a character involved in the story.
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