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Time-line:
Verse 1 - While Nebuchadnezzar's actual reign did not cover all people, nations, and languages, his influence was certainly great enough that he could speak authoritatively to all that dwell in all the earth. This displays the pervasive nature of the gentile empires.
Verse 2 - Nebuchadnezzar's reference to the high God both shows that he recognizes the God of the Jews as higher than the others, and also that he continues to hold to the other gods, in spite of the wonders that the high God hath wrought toward me.
Verse 3 - As in v. 2, notwithstanding the magnificent things Nebuchadnezzar says of our God, these beliefs do not constitute conversion. Nebuchadnezzar was neither "Christian" (an anachronism) nor Jew.
A note about the Gospel:
A Christian is one who has place their faith in Jesus Christ. They "believe in their heart" that God has raised Him from the dead and they "confess with their mouth Jesus Christ as Lord."
There is not a single reference to this kind of personal faith in the Old Testament.
In sharing the Gospel today, the death and resurrection of Jesus Christ is essential to a Gospel presentation.
Verses 4-6 - Those who contend that Nebuchadnezzar is "saved" must deal with his actions in these verses. He is apparently still relying on all the old pagan methods.
Verse 8 –
according to the name of my god - Here is the biggest proof that Nebuchadnezzar was not "saved."
Verse 9 –
Verse 12 - Literally, "food" or "provisions."
Verse 13 – a watcher and an holy one - The term watcher is used of angels, and holy one is the same as v. 9 (holy gods) except singular. Gramatically this could be two beings or, more likely, "a watcher, even a holy one" (similar in YLT). Since v. 14 uses the singular He, the singular being is a better fit.
Verse 14 – Hew down… - A similar vision is given in Ezek. 31:3ff, and should be compared to Matt. 13:31-31. Though the Matt. 13 parable is almost always given a positive interpretation, the Scripture, when it speaks prophetically, speaks poorly of the mighty tree that the birds of the air rest upon.
Verse 16 - The replacement of the "Nebuchadnezzarian reign" to that of a beast-like reign for seven years must be seen as prophetic beyond the particular history of Nebuchadnezzar. Be reminded that the Antichrist is not one of the 10 kings represented by the toes of the image of Daniel 2.
Verse 17 – the most High ruleth - God has granted the gentile reign, and will also grant the reign of the Antichrist.
Verse 19 –
Verse 22 – It is thou, O King… -