In this episode, Kenny covers the topic of “replacement” theology, which is the term that Dispensationalists use when they are referring to concept that the Jews are no longer God's chosen people. That the church has “replaced” Israel.
Dispensationalist typically embrace the idea that the Jews are still God's chosen people, that they still have a special covenant with God (which is separate and distinct with God's covenant with the church), and that the Jews still have special blessings and rights that other nations do not have access to, including the rights to the “promise land” (the property which makes up the contemporary nation of Israel).
Orthodox Christianity has traditionally held to the idea that any person who places faith in God is declared righteous and therefore is invited into the group of people that are in covenant with God; and there is only one group of people that are in covenant with God (known as God's “covenant people”).
The Jews were the group that God was in covenant with, but that has been expanded in the New Testament to include Jews and Gentiles. The New Testament also makes the point that not all of the Jews were ever actually in covenant anyway (see Romans 9:6-7).
Ethnic Jews should not be viewed as God's covenant people, but instead anyone with genuine faith in God ought to be considered a part of God's covenant people; and this has not replaced the “old way” of viewing God's covenant people because this is ho we ought to have always viewed God's chosen people.