"IT"

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From This Rock’s The Hunt for the Fourth Cup:
It all started with a Sunday morning service at the local Evangelical church which my wife and I attended during our last year at seminary. The preacher had just finished an exciting sermon on the meaning of Christ’s sacrifice on Calvary. But something he said stuck with me. In the middle of the message, he raised a simple question: “In John 19:30, what did Jesus mean when he cried, ‘It is finished’? What does the 'it’ refer to?” Instantly the standard Evangelical answer came to my mind: Jesus’ words signify the completion of our redemption at that moment.
The preacher happened to be a fine Scripture scholar as well as one of my favorite seminary professors, so I was taken aback when he proceeded to show quite convincingly that Jesus could not have meant that. For one thing, Paul teaches that our redemption is not complete without Jesus being “raised for our justification” (Rom. 4:25). The preacher also showed how the standard Evangelical answer is taken from theology and read into the text (“eisegesis”), instead of being drawn from the text interpreted in context (“exegesis”). To my amazement, he candidly admitted he didn’t have a satisfying answer to his own question.
The article goes on to say the following:
AT LAST I had an answer to my question. It was the Passover that was now finished. More precisely, it was Jesus’ transformation of the Passover sacrifice of the Old Covenant into the Eucharistic sacrifice of the New Covenant. I learned Scripture teaches that the Passover sacrifice of the New Covenant began in the upper room with the institution of the Eucharist, not merely with Jesus being crucified on Calvary, as I was taught and had been teaching. In Jesus’ mind, his Eucharistic sacrifice as the Passover lamb of the New Covenant was not finished until Calvary. In sum, Calvary begins with the Eucharist and the Eucharist ends with Calvary. It is all of one piece.
 
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