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The godly anticipate the millennial blessing of those that fear the Lord.
In this psalm the thoughts of the godly remnant are carried beyond the time of building, watching and fighting, to millennial rest and prosperity.
(v. 1) The first verse presents the spiritual condition and character of those who enjoy the favour of the Lord. They are marked by the fear of the Lord, and a practical walk in accord with His ways. Their walk is not governed by the fear of man, nor the legal fear of consequences. Their godly practice flows from a spiritual condition.
(vv. 2-4) Verses 2 to 4 describe the blessings of the God-fearing man. The Millennium being in view, the blessings are of an earthly order, rather than heavenly as with the Christian. Such will be blest in his labours, happy in his spirit, blest in his circumstances, and in the relationships of life. “Thus shall the man be blest that feareth the Lord.”
(vv. 5-6) If the God-fearing man is thus blest, he is ever to remember that his blessing comes from the Lord. It flows from Zion as the centre of blessing for the earth; for when the Lord rules from Zion, Jerusalem will prosper, and Israel be in peace.
It is well to see that in the course of these psalms how constantly all blessing is ascribed to the Lord. It is the Lord that sets the captive free ( Psa_124:6-7 ). It is the Lord who is round about His people as they take their pilgrim way ( Psa_125:2 ): the Lord sets Zion free from the enemy ( Psa_126:1 ); the Lord builds the house and keeps the city ( Psa_127:1 ); and the Lord is the source of all millennial blessing.
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Smith, Hamilton. "Commentary on Psalms 128". "Smith's Writings". https://studylight.org/
the First Week of Advent