Replacement Theology is traditionally Roman Catholic, believing that the RCC has "replaced" Israel. After all, they teach there is no salvation outside of the RCC. It is anti-semitic, and heretical. However, it has more recently been adopted by some in the Reform movement.The Church is a continuation of Spiritual Israel/ That is what Paul teaches in his parable of the olive tree! Replacement theology is, in my opinion, an invention of the pre-tribbers to defend their false doctrine.
No dispensationalist would believe in this heresy.
http://www.lamblion.com/articles/articles_millennium7.phpThe argument that the Church is the fulfillment of all the Bible's kingdom prophecies is not the only error of Amillennialism. An equally serious one is the assertion that the Church has replaced Israel. This is called Replacement Theology.
The argument usually goes like this: "Since the Jews rejected Jesus as their Messiah, God rejected them. He poured out His wrath upon them, scattered them all over the earth, and transferred the promises made to them to 'Spiritual Israel,' the Church. God has no purpose left for the Jews. The re-establishment of modern day Israel is, therefore, merely an accident of history with no spiritual meaning."
This viewpoint is held by most of the old mainline, liberal denominations like the Methodists, Presbyterians, and Episcopalians. It is also held by some conservative groups like the Churches of Christ and the Church of God of Anderson, Indiana. Advocates of the view can even be found among Southern Baptists, although most Baptists would reject it.
I would contend that the view is thoroughly unbiblical.
The Jews' Position with God
There is no doubt that God poured out His wrath on the Jewish people in the First Century in response to their rejection of His Son, Jesus, as their Messiah. And there is no doubt they have remained under the discipline of God to this day. But that does not mean they have been rejected by God.
God loves the Jewish people, even in their rebellion. In the everlasting Abrahamic Covenant, God told Abraham that He would bless those who bless Israel and curse those who curse them (Genesis 12:3). In like manner, He told the prophet Zechariah that he who touches Israel, "touches the apple of His eye" (Zechariah 2:8).
Isaiah proclaimed that God could never forget Israel because He has them "inscribed on the palms of His hands" (Isaiah 49:14-16). Jeremiah stated that the Jewish people would exist as a nation forever (Jeremiah 31:36). And prophet after prophet asserted that in the end times, a great remnant of the Jews will be saved when they accept Jesus as their Messiah (Isaiah 10:20-22; Jeremiah 31:1-7, 31-34; Ezekiel 6:8-10; Daniel 12:1; Hosea 2:14-20; Joel 2:31-32; Micah 7:18-20; Zephaniah 3:12-13; and Zechariah 12:10).