At its core, the idea that the New Covenant is somehow not complete and that the Old Covenant with its promises to National Israel is still in force denies the Gospel and the Cross of Christ. It says what Jesus did was inferior to the Old Covenant. No wonder it was sharply rejected by the Apostles and Early Church.
It's important to realize that the New Covenant was with the House of Israel and being the New Covenant it replaced the Old Covenant. Jeremiah wrote about this new Covenant:
Jer 31:31-33 Behold, the days come, saith the LORD, that I will make a new covenant with the house of Israel, and with the house of Judah: Not according to the covenant that I made with their fathers in the day that I took them by the hand to bring them out of the land of Egypt; which my covenant they brake, although I was an husband unto them, saith the LORD: But this shall be the covenant that I will make with the house of Israel; After those days, saith the LORD, I will put my law in their inward parts, and write it in their hearts; and will be their God, and they shall be my people.There is no continuation of the Old Covenant with Israel, the New Covenant replaces the Old Covenant. Call this "replacement theology" if you wish, but that's the very language of this text. Not according to the Old [Covenant], Jeremiah wrote, but a New Covenant.
It's not so much that the people of God were replaced, it's that the Covenant God had with people was replaced with a better covenant based on better promises. It was no longer with National Israel, but with the entire Earth, including National Israel. It was much more than what it ever was before.
New Testament Writers on the New Covenant
This "New Covenant" is picked up on by the writer of Hebrews who wrote:
Heb 8:6-13 But now hath he obtained a more excellent ministry, by how much also he is the mediator of a better covenant, which was established upon better promises. For if that first covenant had been faultless, then should no place have been sought for the second. For finding fault with them, he saith, Behold, the days come, saith the Lord, when I will make a new covenant with the house of Israel and with the house of Judah: Not according to the covenant that I made with their fathers in the day when I took them by the hand to lead them out of the land of Egypt; because they continued not in my covenant, and I regarded them not, saith the Lord. For this is the covenant that I will make with the house of Israel after those days, saith the Lord; I will put my laws into their mind, and write them in their hearts: and I will be to them a God, and they shall be to me a people: And they shall not teach every man his neighbour, and every man his brother, saying, Know the Lord: for all shall know me, from the least to the greatest. For I will be merciful to their unrighteousness, and their sins and their iniquities will I remember no more. In that he saith, A new covenant, he hath made the first old. Now that which decayeth and waxeth old is ready to vanish away.Those who would seek to return to the Old Covenant are Judaizers. Seeing a future for Israel based on promises of the Old Covenant is exactly what the author of Hebrews is clearly rejecting. To say that the promises of the New Covenant are inferior and therefore the old promises to National Israel are what matters is patently false. The New Covenant is superior to the Old Covenant.
To take it a step further, it is a damnable heresy to reject the New Covenant and seek the Old Covenant:
Heb 10:29-31 Of how much sorer punishment, suppose ye, shall he be thought worthy, who hath trodden under foot the Son of God, and hath counted the blood of the covenant, wherewith he was sanctified, an unholy thing, and hath done despite unto the Spirit of grace? For we know him that hath said, Vengeance belongeth unto me, I will recompense, saith the Lord. And again, The Lord shall judge his people. It is a fearful thing to fall into the hands of the living God.This is why the early church rejected Premillennialism - it sets the New Covenant aside and tries to reestablish the Old Covenant. In the process it denies the work of Christ. Follow such false teachings at your own peril!
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