To many people the most appealing part of this psalm is the third stanza, the part in which David tells how he was able to lie down and sleep even in the midst of the sudden great danger occasioned by Absalom's rebellion (vv. 5-6). It is a beautiful picture of one so trusting in God that he is able to sleep soundly even while the treacherous seek his life.
Much happens in this psalm in the space between the first two stanzas, marked out by selah. The first stanza is an expression of the crisis that has come into the psalmist's life because of the enemies who have risen up against him. The second stanza is a quiet expression of his confidence in God. What has produced this abrupt but obvious change? The answer is that he has turned his attention from his enemies to God.
So the psalm is not speaking of some vague problem or disappointment but rather of a specific danger David faced that specific morning. I am sure that many people can identify with that. Perhaps you are one. You may not be facing an imminent military battle when you wake up most mornings, but you are facing a battle.
After Psalms 1 and 2, which are foundational psalms—the first stressing the importance of the law of God in one’s life, and the second the ultimate triumph of the Messiah—there are a number of psalms dealing with various circumstances that come into the godly man's life in which he must trust God. Psalm 3, which heads the list, describes a person who is in danger as a new day dawns.
In the final section of this psalm, verses 10-12, the narrator speaks again, uttering words of warning and entreaty to those who have not yet bowed before God's Son. Since the author of the psalm is not specifically identified, it is perhaps not overly whimsical to follow Ironside at this point too, since he speaks of "four voices" in the psalm: those of the world, of God the Father, of God the Son, and of God the Holy Spirit. It is the role of the Holy Spirit to draw us to Jesus, which is what the individual I have called the narrator is doing here.
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