The institution of the Eucharist is a biblical event, recorded in the Gospels.
The Law of Moses strictly forbade Jews from drinking blood
It also forbade Jews from eating pork. Yet Acts 10:13 is part of Scripture.
It opposes hundreds of Scriptures that declare justification and salvation are by faith alone in Christ.
Not one passage of Scripture ever says that salvation is by "faith alone."
If both are literal we have a dilemma.
Unless, of course, one reads 1Cor 11:29.
The Jews were familiar with "eating and drinking" being used figuratively in the Old Testament
Indeed. Which is why Christ went out of His way to make it absolutely clear that He was not speaking figuratively, by saying that His flesh was real food and that His blood was real drink.
Jesus ended this teaching by revealing "the words I have spoken to you are spirit" (6:63). As with each of the seven miracles in John's Gospel, Jesus uses the miracle to convey a spiritual truth. Here Jesus has just multiplied the loaves and fish and uses a human analogy to teach the necessity of spiritual nourishment.
So the loaves and fishes were just figurative loaves and fishes then? The crowd was not literally fed?
True, the word 'alone' is not there. It just says we are saved by grace through faith, and that not of yourself. It is a gift of God, not of works, so that no man can boast.
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The feeding didn't save, or alter a single one of them according to the words of the Lord. He stated that they continued to follow him to keep their belly filled. The eucharist is a total fiction, intended to spiritually enslave weak believers. It is not in any way supported by the gospels. Taken in context, verse 53 has to agree with the preceeding verses, thus the eating and drinking is completely spiritual, as stated by the Lord in verse 63.