“You,” “we” and “us” are interesting in Eph 2: Let’s try “you” = Gentiles and “we” = Jews. This becomes explicit at least by verse 11, and I suggest that we read vv 1-10 in the same way:
“You Gentiles were dead in trespasses and sins, in which you formerly walked . . . ..we Jews too formerly lived in the lusts of our flesh, indulging the desires of the flesh and of the mind, and were by nature children of wrath, even as the rest. But God, being rich in mercy, because of His great love with which He loved us [His people], even when we Jews were dead in our transgressions and sins, made us Jews alive together in Christ . . . and raised us up with Him and seated us Jews with Him in the heavenly places, in Christ Jesus, in order that in the ages to come He might show the surpassing riches of His grace in kindness toward us Jews in Christ Jesus. For by grace you Gentiles have been saved through faith.”
As in Galatians and (perhaps) in Romans 5, the cross and resurrection is specifically for the redemption of Israel, and once Israel has been redeemed, the blessing goes to the rest of the nations.
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