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My God, my Savior has ransomed me
The concept of Christ, by His death, paying a ransom to free me from chained slavery to sin comes from Matt 20:28, 1 Tim 2:6, 1 Peter 1:18 and Rev 5:9. An act of 'amazing grace'. This line also identifies our Saviour Jesus with God Himself ~ 'the deity of Jesus' is affirmed. [Unfortunately the concept is confused in the next line, which is wet with a flood and ruling like a king. Did someone spell "rain" as"reign"? This mixed metaphor spoils a good chorus. A more crafted line could be "My God, my Saviour ransomed me / to live a life of righteousness" or "...to live a godly, upright life"(Titus 2:11)]