In Proposition 50, George Peters states:
“The Kingdom will be the outgrowth of the renewed Abrahamic covenant, under which renewal we now live.”
Peters already established the reality that the Kingdom, when fully implemented, will be a renewal of the Abrahamic covenant. That much was asserted in the previous proposition. In this proposition, he is submitting that we now live in this renewed covenant. This of course does not mean that at this stage in salvation history, we are experiencing all facets of that kingdom. Certainly all the ramifications that will ensue when the Theocratic Kingdom is fully established are still in the future. With that said, certain aspects are now being experienced in what theologians often refer to as the now but not yet construct.
The most notable observation Peters presents in Proposition 50 is the following:
“Persons are apt to be misled by the use of the word “new”, thinking that it necessarily means something entirely new, different from what preceded. They forget that in Bible usage it frequently means renewed, restored again, newly confirmed, etc., as in new heart, new moon, new creature, new heavens and new earth, new commandment, drink new (Matt. 26:29), etc. It is important then to discriminate whenever the word is employed, especially in so weighty a matter as this, seeing the high interests that are involved. As the phrase “new covenant” only appears once in the Old Testament and but a few times in the New, the general analogy of Scripture must be allowed to determine the sense in which it is used.”
This is a hugely important observation from Peters. So many view the “new covenant” as entirely different in all its aspects from anything that has had the term “old” labeled on it. New in this sense means renewed or restored. This is after all the movement of Scripture, namely that of restoration of that which was lost. In terms of this particular proposition, the renewed covenant refers all the way back to the Abrahamic covenant to include the covenants that were an outgrowth of that foundational covenant God made with His people. Far too many look at the former covenants (with former being a poor description I might add) as annulled or abrogated. Newness in this sense is rooted in renewal.