The key question is will All Israel be saved? And how and when will they be saved? Or to put it another way, what exactly does it mean in Romans 11 when it says:
Romans 11:26 And so all Israel shall be saved:
In a larger context, we have an end time sequence of events that form a finale to all that God has done. These are: a time of great tribulation, signs in the heavens, the second coming of Jesus Christ, the resurrection of the dead [life from the dead], translation of the remnant, the redemption of natural Israel, and the final battle. All this happens in roughly the order given. The redemption of natural Israel is the sticking point. It can mean one of two things.
A. That all the Jews remaining alive after the tribulation will be saved, all at once, or it can mean:
B. That only a tiny remnant of the Jews remaining alive at that time will be saved.
Replacement Theology, or any theory which says that God has no more dealings with Israel will pick item B. This thinking is especially common to those who claim that the Church has not replaced Israel but that the Church is Israel. They deny that Israel has any claim to the Land, that God is through with them as a nation and that in the end only a remnant will be saved. And that remnant saved will be by means of the same repentance and acceptance of Jesus as any other people. Here they imply that it will only be a tiny minority, like the 2-3% of the population that are saved in normal times. This is stressed heavily in their writings to counter the Dispensationalist claim that ALL ISRAEL will be saved and have a physical earthly kingdom, ruling over the earth with Jesus as King and it's capitol in Jerusalem. While the church, an entirely different entity will have a spiritual kingdom in the heavens. A typical case, and the source of these arguments is I Want To Be Left Behind by Ted Noel.
The major arguments against Israel's redemption en masse are the following.
• Romans 11:26 is being misinterpreted.
• God's covenant was only to those who believed, not to all Jews.
• Romans 9:27 states that only a remnant will be saved.
• God makes no distinction between Greek and Jew, and since he does not play favorites, he would not grant mass salvation to one group of people.
• Hosea's prophecy of restoration applies to the Gentiles, not the Jews.
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