....Catholicism contends that the Lord was referring to Peter as the rock, and has since built the entire Catholic religion upon that premise...
Sorry, but you are wrong. "Catholic" just refers to the "whole", as in
the whole Body of Christ, which is His Church. Christ built it, not us. And our faith is not built on Peter - it is built on Jesus. Peter and the pope's are merely His earthly shepherds, carrying out the duties He gave to them.
...But all other pertinent Scriptures declare that Jesus was referring to Himself as the rock, not Peter:
"... for they drank of that spiritual Rock that followed them: and that Rock was Christ." 1 Corinthians 10:4
Apple and oranges. You are confusing scriptures and ending up with erroneous interpretations. Our Lord says to Peter, "Blessed are you. . . . And so I say to you, you are Peter. . . . I will give to you the keys to the kingdom. . . . Whatever you bind on earth shall be bound in heaven." Jesus uses the word
you seven times in just three verses. It doesn’t follow that Jesus would address so much of this passage to Peter, and then say, "But I will build my Church upon me." The context is clearly one in which Jesus is communicating a unique authority to Peter.
In addition, Jesus is portrayed as the builder of the Church, not the building. He said, "I will build my church." Jesus is "the wise man who built his house upon the rock" (Matt. 7:24) in Matthew’s Gospel. Once again, the interpretation of Jesus building the Church upon himself does not fit the context.
The changing of Simon’s name to Peter is also significant and often overlooked. In Scripture, we find that when God revealed a new and radical calling to certain of his people, he sometimes changed their names. In particular, this is true in the calling of the patriarchs. Abram ("exalted father" in Hebrew) was changed to Abraham ("father of the multitudes"); Jacob ("supplanter") was changed to Israel ("one who prevails with God"). In fact, there is an interesting parallel between Abraham and Peter. Isaiah 51:1–2 says:
Hearken to me, you who pursue deliverance, you who seek the Lord; look to the rock from which you were hewn. . . . Look to Abraham your father.
Jesus made Peter a true father over the household of faith, just as God made Abraham our true father in the faith (cf. Rom. 4:1–18; Jas. 2:21). It is fitting that Peter’s successors are called "pope" or "papa," as was Abraham (Luke 16:24).
When we understand that Christ is the true son of David who came to restore the prophetic kingdom of David, we understand that in Matthew 16, Christ, like the king of Israel, was establishing a "prime minister" among his ministers, the apostles, in the kingdom. Isaiah 22:20–22 gives insight into the ministry of the "prime minister" in ancient Israel:
In that day I will call my servant Eliakim the son of Hilkiah, and I will clothe him with your robe, and will bind your girdle on him, and will commit your authority to his hand; and he shall be a father to the inhabitants of Jerusalem and to the house of Judah. And I will place on his shoulder the key of the house of David; he shall open, and none shall shut; and he shall shut, and none shall open.
In Revelation 1:18, Jesus declares, "I have the keys of Death and Hades," then quotes this very text from Isaiah in Revelation 3:7:
And to the angel of the church in Philadelphia write: "The words of the holy one, the true one, who has the key of David, who opens and no one shall shut, who shuts and no one opens."
No Christian would deny that Jesus is the King who possesses the keys. To whom does he give the keys? To Peter!
If we examine the text grammatically—"You are Peter, and on this rock"—"this rock" must refer to the closest noun. To say "this rock" refers to Jesus, or to Peter’s declaration of faith, is to completely ignore the structure of the sentence.
As an analogy, consider this sentence: "I have a car and a truck, and it is blue." Which is blue? The truck, because that is the noun closest to the pronoun
it. This would be even clearer if the reference to the car were two sentences earlier, as Peter’s profession is two sentences earlier than the word
rock.
If Jesus wanted to distinguish between rocks, he could have said: "You are Peter, but upon
this rock I will build my Church." "This rock" would then have clearly referred to something other than Peter.
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parts of this post from
http://www.catholic.com/thisrock/2006/0611btb.asp