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The godly in Israel called upon to celebrate the intervention of God on behalf of the nation.
The psalm celebrates the full deliverance of Israel from every enemy, and makes manifest that this deliverance will not be brought about by the counsels of man, by victorious hosts, or human strength, but by the Lord Himself.
(vv. 1-3) Seeing that deliverance comes from the Lord, the righteous are called to “Rejoice in the Lord,” to “praise the Lord,” and “sing unto him a new song.”
(vv. 4-5) This great deliverance makes manifest how “right” are the “word” and the “works” of the Lord. His word and His works declare His character; “He loveth righteousness and judgment,” and goodness is combined with His righteousness.
(vv. 6-9) By His word He brought the creation into being. All the earth, with all its inhabitants, are called to own Him as the mighty Creator.
(vv. 10-11) Moreover His word and His works bring the counsels of the heathen to nought, and make manifest that the counsels of the Lord will not only be fulfilled, but will stand for ever.
(vv. 12-17) How blessed then the nation whose God is the LORD. They may have failed greatly, but God having chosen Israel, will carry out “the thoughts of his heart” in regard to the nation. Men may oppose but God has seen all the sons of men. He knows their hearts: He considereth their works. Men trust in their kings, their armies, and their “much strength,” but the Lord disposes of all according to His counsels.
(vv. 18-19) In the meantime the eyes of the Lord are upon those that fear Him, and that hope in His mercy. He will deliver such from death, and preserve them through times of need.
(vv. 20-22) The psalm closes with the response of the godly to the goodness of the Lord as manifested in His Word and works. They wait for the Lord, and rejoice in Him.
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Smith, Hamilton. "Commentary on Psalms 33". "Hamilton Smith's Writings". https://www.studylight.org/
the Week of Proper 23 / Ordinary 28