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Here are two articles for your interest. The first one quotes current protestant scholars who concede that Peter himself is the rock on which Christ would build his Church. The second article explains the semantic basis for Christ proclaiming that Peter himself is the rock.This is one of the many interpretations. Are we to accept that Douay Rheims interpretation is protected from error? If so, why?
Matthew Henry says:
First, Some by this rock understand Peter himself as an apostle, the chief, though not the prince, of the twelve, senior among them, but not superior over them.
Secondly, Others, by this rock, understand Christ; “Thou art Peter, thou hast the name of a stone, but upon this rock, pointing to himself, I will build my church.”
Thirdly, Others by this rock understand this confession which Peter made of Christ, and this comes all to one with understanding it of Christ himself.
PETER IS THE ROCK
For the Protestant Reformers to rationalize breaking away from what was universally acknowledged in their culture as the Christian Church, it was necessary for them to deny the Catholic Church’s authority. To maintain their positions, they were forced to portray it as a kind of “anti-Church” that was unjustly claiming the prerogatives of Christ’s true (but invisible) Church.
Their chief target was, of course, the pope. To justify breaking away from the successor of Peter, they had to undercut the Petrine office itself. They were forced to deny the plain reading of Matthew 16:18—that Jesus made Peter the rock on which he would build his Church.
catholic.com/thisrock/1998/9801word.aspMore recent Protestants have been able to back away from the position that early Protestants felt forced to make and have been able to admit that Peter is, indeed, the rock. It remains to be seen whether they will start drawing the necessary inferences from this fact.
After the initial flash of insight into Matthew 16:17–19, I did further study on it and noticed several structural features of the passage that required Peter to be the rock. Basically, Jesus’ speech to Peter consists of three statements. The first of the three statements is a clear blessing on Peter. Jesus says, “Blessed are you, Simon Bar-Jona!” The third is also a blessing: “I will give you the keys to the kingdom of heaven.” But if the first and third statements are blessings then the middle statement—“And I tell you, you are Peter”— taken in its immediate context, must be a blessing as well. Jesus thus is not contrasting and belittling Peter as a small, insignificant stone with the second statement. It, like the ones before and after it, is a blessing that builds him up.
I noticed that the structure of the three statements required Peter to be the rock. Each statement consisted of two parts: first a basic declaration and then a longer explanation which unpacked the meaning of the declaration. (The explanations also had two parts, an assertion followed by a contrast, but this need not detain us since it does not affect the fact that Peter is the rock.) Jesus’ first statement, “Blessed are you, Simon Bar-Jona!” is explained by “for flesh and blood did not reveal this to you, but my Father who is in heaven.” This is a reason why Simon is blessed. The third statement, “I will give you the keys of the kingdom of heaven” is explained by Jesus’ remarks on binding and loosing. The power to bind and loose is part of what it means to have the keys to the kingdom. That being the case, the second statement, “And I tell you, you are Peter” is explained by “and on this rock I will build my Church.”
catholic.com/thisrock/1998/9811chap.aspNo two ways about it. Peter is the rock.