The head of gold (vv. 36-38), corresponding to the first beast in Dan. 7:3-4, signifies Nebuchadnezzar, the founder and the king of Babylon. The breast and the arms of silver (v. 39a), corresponding to the second beast in Dan. 7:5, signify Medo-Persia, and the abdomen and thighs of bronze (v. 39b), corresponding to the third beast in Dan. 7:6, signify Greece, including Macedonia. The legs of iron and the feet partly of iron and partly of clay (v. 33), corresponding to the fourth beast in Dan. 7:7-8, signify the Roman Empire with its last ten kings (vv. 40-44a; Dan. 7:7-11, 19-26; Rev. 17:7-13).
According to the human image in this chapter, in the sight of God all human government throughout history is composed of four empires: the Babylonian Empire, the Medo-Persian Empire, the Macedonian-Grecian Empire, and the Roman Empire. The beginning of human government was at Babel (Babylon), which was built by Nimrod (Gen. 10:8-10), and the ending of human government will be the revived Roman Empire under Antichrist. Although the form and appearance of the Roman Empire have vanished, the culture, spirit, and essence of the Roman Empire continue to exist today (see note Dan. 7:121). At the beginning of the great tribulation (Matt. 24:21) the form and appearance of the Roman Empire will be restored under Antichrist. According to the books of Daniel and Revelation, the last Caesar of the Roman Empire will be Antichrist, who will be supported by ten kings (Rev. 17:10-12 and notes). Thus, the aggregate of human empires that began with Nimrod at Babel will consummate with Antichrist and his ten kings.
If the head of the great human image is Babylon, the entire image must also be Babylon. In the eyes of God, the entire human government from Nimrod to Antichrist is Babylon. Under Antichrist, the last Caesar, the Roman Empire will be both political and religious Babylon (Rev. 17—18). The empire of Antichrist will be the political and physical Babylon, i.e., “Babylon the Great” (Rev. 18:2), whereas the Roman Catholic Church, called “MYSTERY, BABYLON THE GREAT” (Rev. 17:5), will be the religious Babylon. See note Jer. 50:11a, par. 1.