No, the Catholic Church has not "replaced" Israel; rather, the Catholic Church IS Israel. Mary, Peter and the disciples, Paul -- the early Church was comprised mostly of Jews. The Church is both the continuation of Israel and the continuation of Christ's physical presence in history. Prior to Christ, Israel was 12 tribes bound to the Law; with the advent of Christ, Israel became 12 disciples (and thus all believers) bound to the New Law -- Jesus Himself. The Church has "replaced" nothing. If I replace a photograph on my wall, for example, then the replacement is necessarily a different thing, even if it's a carbon copy of the original. The Church has not, therefore, replaced Israel; the Church IS Israel. This has been the perennial belief of the Catholic Church, and in fact was the belief of all the Protestant reformers. The weirdly bifurcated Church/Israel division is a new belief that arose in the 19th century with the advent of premillennial dispensationalism.
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