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Paul’s words were a graphic depiction of what Jesus told the multitudes in Matthew 23:12 “And whosoever shall exalt himself shall be abased; and he that shall humble himself shall be exalted”. The scribes and Pharisees were teaching they alone held the power of salvation. It’s clear that Jesus denied their false teachings.
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For a Mormon, exaltation means salvation. “Although salvation may be defined in many ways to mean many things, in its most pure and perfect definition it is a synonym for exaltation. Mormon Doctrine, p. 185. “…then shall they be gods, because they have no end; therefore shall they be from everlasting to everlasting…For strait is the gate, and narrow the way that leadeth unto the exaltation and continuation of the lives…” D&C 132:20, 22.