The lyrics are taken, more or less directly, from the writings of Julian of
Norwich, who lived in what historian Barbara Tuchman called "The Calamitous 14th
Century". Hope was in even shorter supply back then: the page in
Wikipedia about the book lists
...the Hundred Years' War, the Black
Plague, the Papal Schism, pillaging mercenaries, anti-Semitism, popular
revolts including the Jacquerie in France, the liberation of Switzerland,
the Battle of the Golden Spurs, and peasant uprisings. Not to mention
the advance of the Islamic Ottoman Empire into Europe, ending in the
disastrous Battle of Nicopolis.
The relevant quote from Julian's writing is
All shall be well, and all shall be well, and all manner of thing shall be well.
That comes through in the song's chorus as
Ring out! Bells of Norwich, and let the winter come and go. All shall be well again, I know.
This would probably be a good time for you to go listen to the song: Here's one, on YouTube, accompanied by hammered dulcimer. Here's another, with a very pretty harp part, recorded by the OHRWURM Folk Orchestra. (Interesting name, what?) There are others.
Nobody knows Julian's real name. She was an anchoress, who lived in a cell attached to St Julian's Church in Norwich. Her book, Revelations of Divine Love, is believed to be the first surviving book written in English by a woman, and is much beloved.
I'll leave you with the last chorus:
All shall be well, I'm telling you, Let the winter come and go. All shall be well again, I know.
I wish I could believe that. Maybe if I sing it loud enough.