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Continuationists, in general believe that all the gifts of the Holy Spirit are still active and available today, including prophecy.

So far as I am aware, prophecy in this context refers to (or in theory includes) foretelling of events, or descriptions of the current state of things independent of any prior knowledge of the one speaking the word (for example the details of someone else's life and some word in relation to that).

More importantly, so far as I am aware, they believe in prophecy, in terms of special revelation received to an individual directly from God (the Holy Spirit), either as a word for another individual, or a prophecy over a nation etc.

My question is, given the assumption of special, direct revelation from God pertaining to modern prophecy (assuming that this is biblical), what is the biblical basis to claim that (at least some of) these prophecies are equivalent in their authority to scripture? I.e are they to be taken as inspired, inerrant, infallible (in-so-far as scripture is also)?

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I can't speak for all non-cessationists but the LDS (Church of Jesus Christ of Latter-day Saints) believe:

in both ancient and modern prophecy (source)

Revelation or prophecy from a prophet, inspired men called to speak for the Lord, is equivalent in authority as the scriptures.

Doctrine and Covenants 1:38

  1. What I the Lord have spoken, I have spoken, and I excuse not myself; and though the heavens and the earth pass away, my word shall not pass away, but shall all be fulfilled, whether by mine own voice or by the voice of my servants, it is the same.

Doctrine and Covenants 21:4-5

  1. Wherefore, meaning the church, thou shalt give heed unto all his words and commandments which he shall give unto you as he receiveth them, walking in all holiness before me;
  2. For his word ye shall receive, as if from mine own mouth, in all patience and faith.

See also

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This is admittedly a quite personal response, but I have been in charismatic circles almost 40 years and in full-time pastoral ministry in a charismatic church for 15 years. In all that time, whether in independent Charismatic settings, or in a Pentecostal (Assemblies of God) context, I’ve never heard anyone claim that a prophecy is equivalent in authority to the Scriptures.

Quite the opposite. I’ve been taught and teach others that Scripture is of unequalled authority and is the rule by which any supposed private revelation of any kind is to be judged. To say otherwise renders Paul’s words in Galatians 1:8-9, and 1 Cor. 14:29 meaningless. And there are more examples of course.

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1 Corinthians 14:1 Follow the way of love and eagerly desire gifts of the Spirit, especially prophecy.

Hebrews 2:4 God also testified to it by signs, wonders and various miracles, and by gifts of the Holy Spirit distributed according to his will.

The Apostle Paul instructs believers to eagerly desire the gift of prophecy. The writer of Hebrews then explains that the distribution of gifts (including prophecy) is up to the sovereign will of God. Put these together and it means we are encouraged to pray for the gift of prophecy, but it is up to God whether he grants it to us.

We know that in the time between the testaments, there was no prophet in Israel, as was itself prophesied:

Amos 8:11-12 “The days are coming,” declares the Sovereign Lord, “when I will send a famine through the land— not a famine of food or a thirst for water, but a famine of hearing the words of the Lord. People will stagger from sea to sea and wander from north to east, searching for the word of the Lord, but they will not find it.

Are we living during another such time of famine, or do prophecies continue? After reading many books about saints, Christian reformers, and the like down through the centuries, it is clear that they continue.

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