This is a guest post by A.S. Of course, it is here for your comments and discussion.
The "attack" on the biblical doctrine of inerrancy is inextricably linked to the biblical doctrine of inspiration. Inspiration as "theopneustos", i.e. properly and authentically understood as the DIVINE union between "form" and "content", "medium" and "concept" is necessary to safeguard the OBJECTIVITY of the TRUTH of Holy Scripture.
Denial of inerrancy IS a result of the SUBJECTIVE approach to the Word of God. The hermeneutical model in this case is that of the SINNER standing over the Word of God as the interpreter, and hence he assumes and remains in the position of "subject". The proper hermeneutical model is that of the Word of God standing over the sinner as the interpreter. In other words, we are the object to be "interpreted" by the Word of God as the subject.
In this role reversal, two implications emerges:
1. The *words* themselves as bearers of the divine revelation is the LITERAL truth, in contrast to functioning as signs only. The "vis significandi" (mode of signification) is the "res" (reality) itself. Thus, the meaning of sola Scriptura is precisely the self-sufficiency of the EXTERNAL Word. The movement here is an incarnated top-to-bottom pattern, consistent with the formal claim that the Holy Scripture is the Word of GOD.
2. "Faith comes by hearing the Word of God". Faith is not external to the Word of God, i.e. apart from the Word of God. But faith is CREATED by the Word of God. Inerrancy is a faith claim, made on the basis of the witness and testimony of the Holy Scripture itself. As such, it (i.e. inerrancy) can only be grasped by faith alone (sola fide). By extension, the infallibility (authority) and efficacy (power) of the Holy Scripture are grasped by faith alone. The Word as the legal authority (Scripture alone) constitutes the co-relate of the Word as the evangelical power (faith alone). That is to say, faith is not a "discrete" entity consequent on "understanding" as an evaluative tool. Faith is not a posteriori (subsequent) to nor identical with an explicit analytic conclusion. It is an impossible scenario because of the "bondage of the will". But faith is simply the implicit synthetic presupposition to the Word of God. That is to say, faith means being "reclaimed" by the Word of God itself, according to *its* own judgment (spiritual-deductive method), and not vice-versa, i.e. faith means "reclaiming" the Word of God according to its own judgment (empirical-inductive method). Ultimately, our faith is not dependent on our understanding. But our understanding is dependent on our faith which comes extra nos --- an alien faith as a total gift = alien righteousness. Faith and understanding are simultaneous, not sequential. faith IMPLIES understanding. And faith as a total gift co-exists (simultaneously) with unbelief as a total condition: simul iustus et peccator. There is no middle ground approach to Scripture. Our bondage to sin simply and by default disallows a neutral approach. Both the regenerate and unregenerate encounter Scripture either in a mode of belief or unbelief.
If one wishes to speak of movement, then the movement is not the progression of understanding towards faith, but the progression of faith towards understanding.
"Credo ut intelligam".
Seen from this perspective, denial of inerrancy is simply the denial that Holy Scripture IS the Word of God. Instead, Holy Scripture becomes the means by which we *respond* to God's "self-disclosure" in the course of the divine-human encounter - the movement here reverses the pattern of Divine Revelation and Incarnation, i.e. it is bottom-up, a spiritual ascent according a "ladder scheme". But this produces only subjectivism, i.e. the individual-mystic type or communal-academic type, etc.
Ultimately, scholarly consensus (e.g. science), ecclesial tradition (e.g. magisterium), is elevated into a plus sign alongside Holy Scripture. Denial of inerrancy, to be precise, is a denial that the Word of God is the self-sufficient source of truth.
In short, the denial of inerrancy is BOTH a denial (incipient or full-blown) of sola Scriptura and sola fide.