The Dispensations are not biblical and has its roots in antisemitic racism.

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Dispensationalism is the 19th century theology that says you can neatly divide all of history in to 7 or 8 periods. It is the rationale for the Rapture. Even though it is widely believed and preached especially in America, it is not biblical and it is very harmful. I have spoken in detail about the Rapture and why it is not in scripture, in Season 1, Episode 66, "Rapture Abuse, 1 Thessalonians 4:17 and Acts 8:39" It is a creation of John Nelson Darby in 1833 and heavily promoted in the Scofield Reference Bible in 1909. It is still the standard Christianity of many Baptists and most Charismatic Christians, but it has a deep history in antisemitism. It is inherently Replacement Theology as I described in my last episode with Gabe Gordon, Season 2, Episode 33 "Replacement Theology. Why Supersessionism is so wrong." I describe how it is usually taught and then how it contrasts with Covenant Theology, which can also be supersessionist in a different way.