"All Scripture is inspired by God and is profitable..." (2 Timothy 3:14-4:5).
The Scriptures are technically the Word of the Spirit of God (Acts 1:16). They are "God-breathed" or "theopneuso." The Holy Spirit directed the authors in writing them. They are given so that we will have correct doctrine about God and not fall prey to a false religion.
The Bible is the only acceptable Spiritual covenant because it was given to us through Jesus Christ. The Scriptures are necessary for "reproof" or showing where people are wrong or sinful. They are given for "correction" in order to show us when people are off track in their teaching so they can get back to the truth.
They are also given for "instruction in righteousness," as a guide for developing a right relationship with God through Jesus. The Scriptures are given to us so that we can become mature believers, complete in our understanding of God and of His plan for individuals, churches and the world.
They prepare us to be thoroughly equipped for every good work that Jesus wants us to do. The Scriptures (the Bible) are given for our protection because God won't do anything that is not in them; just as we are not to act outside the pattern He established in His Word, so we can stay faithful.
Holy Spirit, teach me from the Scriptures so I can be completely equipped to fulfill the ministry You have given me. Amen.
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