zerocipher said:
So let me see if I have this straight. We NOW live under a Covenant of Grace, specifically the New Covenent. And depending on what kinf of baptism is right in my eyes dictates wether my children are saved?
Covenants are solemn agreements of relationship.
"What kind of baptism" is only relevant based on something else (and to me: not highly relevant). The covenant, the relationship you have with God is what matters. Your treatment of baptism emerges from your idea how the covenant is instituted. Generally (and I hope I'm not speaking too arbitrarily, credos may qualify this) if it requires your personal awareness to inaugurate the covenant, you're a credobaptist. If it only requires God's vow to inaugurate the covenant, you're likely to be a paedobaptist. Also remember, paedobaptists are also credobaptists when it comes to adult conversions.
When it comes to God's dealing with men, Covenant theology asserts God has instituted two covenants: one of works, one of grace.
Christ (arguments over "when") establishes (or will) and completes (or will) the covenant of grace by satisfying the covenant of works. This effectively means those who live under the covenant of grace can't be condemned by the covenant of works. And that's critical to Covenant theology, because it is not supersessionist. One covenant doesn't supersede another at a different time (ie, the basic principle of dispensationalism doesn't apply).
Different administrations of these covenants result in what Scripture would itself term "covenants": those of Adam, Abraham, Isaac, Israel, Moses, David, etc. These are ways to become involved in the particular grace relationship or works relationship with God. They do not supersede one another, either. Think of them as successive contracts, all active, some broken, but even broken covenants carry a consequence, just like broken contracts. None is completely neglected. Often the covenants fulfil prior covenants, but they must satisfy the terms or fulfil the purposes of prior covenants to be plausible, themselves. They can't contradict prior covenants. But just as contracts can often be fulfilled in unusual ways, so can covenants. This is very difficult to describe without examples. I'll just mention the case of Abraham's promise preceding and thus not being nullified by the Law of Moses -- that's in Gal 3:15-21, also in Rom 4.
If it weren't for "dispensationalism" being so obsessed with cutoffs and time periods of enforcement, we'd be more inclined to call the administrations "dispensations" as Calvinists did in the 1600's. They also create the structures and institutions God made to dispense grace & law.
Frankly OP Robertson's out-of-print primer called "Covenants" I thought was a good overview. However, the more detailed analysis "Christ of the Covenants" is excellent and extensive, including a critique of dispensationalism.