It carries both knowledge about events and the ability to influence similar or sympathetic events. Events either arise sponataneously out of themselves or are encouraged to follow certain paths by influence of patterns in the aether. As all things have an aetheric part they can be considered to be alive in some sense. Thus all things happen by magic, the large scale features of the universe have a very strong aetheric pattern which makes them fairly predictable but difficult to influence by the aetheric patterns created by thought. Magicians see themselves as participating in nature.
Transcendentalists like to think they are somehow above it.
Materialists like to try and manipulate it. Now this universe has the peculiarly accomodating property of tending to provide evidence for, and confirmation of, whatever paradigm one chooses to believe in. Presumably at some deep level there is a hidden symmetry between those things we call Matter, Aether and Spirit. Indeed, it is rare to find an individual or culture operating exclusively on a single one of these paradigms and none is ever entirely absent. Non-dominant paradigms are always present as superstitions and fears.