What covenant is in force today?

Are the covenant theologians correct? Is there but one covenant of grace between the Father and Son from before the foundation of the world and, are the various biblical covenants merely aspects of the one covenant of grace? Or, are the dispensationalists correct? Are we living in the church age and awaiting a time when Israel will embrace it’s Messiah realizing that the New Covenant will only be in complete force after the return of Jesus? And, what about New Covenant theology? Is it possible that we are completely under the New Covenant and, are the Israel of God in Christ Jesus? I personally believe that we are totally in and under the New Covenant and, that the New Covenant is unique and different from the other covenants of promise (Eph 2:12) and yet, it is the ultimate covenant of promise as it incorporates the covenant of Abraham, with the covenant of David.

What are the covenants of promise? Eph 2:11-16 ESV Therefore remember that at one time you Gentiles in the flesh, called "the uncircumcision" by what is called the circumcision, which is made in the flesh by hands-- (12) remember that you were at that time separated from Christ, alienated from the commonwealth of Israel and strangers to the covenants of promise, having no hope and without God in the world. (13) But now in Christ Jesus you who once were far off have been brought near by the blood of Christ. (14) For he himself is our peace, who has made us both one and has broken down in his flesh the dividing wall of hostility (15) by abolishing the law of commandments expressed in ordinances, that he might create in himself one new man in place of the two, so making peace, (16) and might reconcile us both to God in one body through the cross, thereby killing the hostility. Simply, they are the covenant with Abraham (Gen 12:1-3.) and the covenant made with David (2Sam 7:16.)

Two things that can be observed; first, Gentiles are no longer alienated from the commonwealth of Israel and, are no longer strangers to the covenants of promise. The reason is that all have been brought near by the blood of Christ to those in Christ Jesus. Notice that it does not say covenant but covenants. Therefore there is not just one covenant... that eliminates covenant theology. Secondly, since the Gentiles are now allowed to be included in the commonwealth of Israel, they are in fact the Israel of God by virtue of their union with Christ (Gal 3:26-29)…. so then, the church is not a dispensational entity awaiting the new covenant but members in full standing of the New Covenant.

Further, it should be stated that Jesus himself declared the beginning of the New Covenant in Matthew 26:28; “For this is My blood of the new covenant, which is shed for many for the remission of sins.” Plain and simply put…the new covenant….was instituted at the death, burial and resurrection of the Lord Jesus Christ. As I have stated in he past, the only way to rightly divide the word of truth, the gospel is with the cross event.

It seems logical to me that one must admit that the New Covenant is in full force today, that, covenant theology does not properly deal with Paul’s statements about abolishing the commandments….this includes the Ten Words at least as to the read and do operation and, that to merely see the church as a provisional entity awaiting the kingdom is not adequate either.

In fact, the operation of love and faith obedience that we have already discussed is a perfectly reasonable explanation of the way in which the law is written on hearts and minds and, how…God forgiving and forgetting sin, aids in the operation of transformation and brings about the obedience of faith.