Latinos say that to mean "I haven't the faintest idea" or "I don't know" La Bola simply means everyone or a group of people or the general public; so to say "Only the people know" is a take off of "Only God knows". It means that it is unknown or I don't know.
How long is this rain going to last? Por cuanto va a durar este lluvia? "Sepa le Bola" "nobody knows. Sepa la bola
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