As far as we know, Jacob wove a tapestry of thread he spun himself in his chamber in the plinth of the statue of Taweret during his many years on the Island. We clearly see that the tapestry was completed before Flocke and Ben visited him. There are some frases in greek; the first two are from Homer's "Odyssey":
1. ΘΕΟΙ ΤΟΣΑ ΔΟΙΕΝ ΟΣΑ ΦΡΕΣΙ ΣΗΣΙ ΜΕΝΟΙΝΑΣ sounds "Thei tossa dien ossa fressi sissi meninas" means "May the gods give you all that your heart desires."
2. ΘΕΟΙ ΔΕ ΤΟΙ ΟΛΒΙΑ ΔΟΙΕΝ sounds "Thei de ti olvia dien" means "May the gods give you happiness."
3. ΜΟΝΟΙ ΤΟ ΤΟΥ ΠΟΛΕΜΟΥ ΤΕΛΟΣ ΕΟΡΑΚΑΣΙ sounds "Moni to tou polemou telos eorakassi" means "Only (the dead) have seen the end of war." --> the Greek word for "dead" (ΤΕΘΝΗΚΟΤΕΣ / ΘΑΝΟΝΤΕΣ) cannot be seen on the tapestry.
People who have read the Odyssey know that Penelope was working on a tapestry that was unravelled each night as she waited for Odysseus to return.
In ancient Greece people believed in fate and in mythology this whole thing was personalized by the Moirae. The Moirae or Moerae (in Greek Μοῖραι – the "apportioners", often called the The Fates), in Greek mythology, were the three white-robed personifications of destiny. The Greek word moira (μοῖρα) literally means a part or portion, and by extension one's portion in life or destiny. They controlled the metaphorical thread of life of every mortal from birth to death (and beyond).
The three Moirae were:
Clotho (Greek Κλωθώ – "spinner") spun the thread of life from her distaff onto her spindle. Her Roman equivalent was Nona, (the 'Ninth'), who was originally a goddess called upon in the ninth month of pregnancy.
Lachesis (Greek Λάχεσις – "allotter" or drawer of lots) measured the thread of life allotted to each person with her measuring rod. Her Roman equivalent was Decima (the 'Tenth').
Atropos (Greek Ἄτροπος – "inexorable" or "inevitable", literally "unturning", sometimes called Aisa) was the cutter of the thread of life. She chose the manner and timing of each person's death. When she cut the thread with "her abhorred shears", someone on Earth died. Her Roman equivalent was Morta ('Death').
What could de the significance of all this? Was Jacob weaving the tapestry just to kill his time, or the tapestry had a recipient, thus the messages on it? I believe that the tapestry is a depiction of the island's history, which dates from the early times, as it is suggested by the references to the ancient civilizations (Egypt, Greek, Roman). The messages themselves have been chosesn intentionally. Especially if the last phrase is related to what Widmore told Desmond about an upcoming war on the island, maybe the tapestry will eventully make sense.