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There is no mention in the text of any countries in any direction that the chariots travel. A common interpretation of the four chariots is the representation of the four great ancient kingdoms: Babylon, Medo-Persia, Greece and Rome. Personally, I don't think that interpretation matches the theme and content of the book of Zechariah. This book of prophecy is about the kingdom of God, the activity of rule and reign by God to accomplish his divine purposes. A major theme of the book is the rebuilding of the temple and the city of Jerusalem under Zerubbabel and the return of the Jewish people to their land of promise. Other prophesies reference the 1st and 2nd coming of Jesus Christ. God had used the empires of Assyria and Babylon to discipline (punish) his people for their unfaithfulness, by conquering the nation of Israel and taking the people into exile but the empires went too far with their punishment and God was angry. Chapter 1 v2 the Lord was very angry with your ancestors v3 return to me and I will return to you, says the lord v4 Turn from your evil ways and practices. But they would not listen or pay attention to me, declares the Lord. v12 the angel of the Lord said "how long will you withhold mercy from Jerusalem and the towns of Judah, which you have been angry with these seventy years". The Lord spoke kind and comforting words to the angel. v14 I am very jealous for Jerusalem and Zion, and I am very angry with the nations that feel secure. I was only a little angry but they went too far with the punishment. v16 I will return to Jerusalem with mercy and there my house will be rebuilt. Chapter 2 v6 Come, come, flee from the land of the north, declares the Lord, for I have scattered you to the four winds of heaven. Chapter 4 v6 This is the word of the Lord to Zerubbabel: "Not by might nor by power, but by my Spirit, says the Lord Almighty. With this background, I believe we can postulate an interpretation. a) angels are used by God for 3 primary purposes: 1) to send messages to his people, 2) to rescue and protect his people from their enemies, 3) to execute God's judgement against evil and wickedness in the world. b) the chariots represent military power and might, but the Spirits (angels) driving the chariots confirms it is God's Spirit at work in the world. c) the four directions that the chariots travel tell us that God's activity is spreading throughout the earth, because his people have been scattered throughout the earth, to the four winds of heaven. d) the four different colour symbols tell us that God will use different means to execute his judgment and rescue his people, such as famine, plagues, natural disasters, civil unrest, etc. In my view, God has two purposes in mind by sending these angels throughout the earth. 1) to punish these nations for their harsh and brutal treatment of his chosen people, the Jews. These nations think they live in peace, but there will be no peace until the judgment is completed. 2) to rescue his chosen people (those who have repented) from their bondage in these foreign lands and bring them back to Israel, so all of God's people will be united in the presence of God. God clearly prophesies in Zechariah that the temple and the city will be rebuilt. God also clearly says that he will return to the temple and dwell among his people again. The first contingent of his people had already returned under the leadership of Zerubbabel. God is declaring that he will bring back all of his faithful people from their exile throughout the earth. God is further declaring he will accomplish this feat, not by military might or power, but by His Spirit.
Horses and chariots represent the spirit of war and military conquest. Both the black horse and white horse go to the north where the angel says "Behold, these that go toward the north country have quieted my spirit in the north country.:" This may mean that Judah will not be conquered from the north by an invading army. The defeat of Babylon by Persia didn't result in invading armies to conquer Judah. Likewise, when Alexander conquered Persia there was no invading army into Judah. There were battles with Antiochus IV Epiphanes, which were begun by the Jews. Likewise, there were unsuccessful wars with the Romans begun by the Jews, but the only true invasion came from the south when the Moslems took Jerusalem in 636-7 AD. This may be why the grisled horse going toward the south is mentioned in particular, while the red or bay horse is not. The four horses walking the earth implies much war and conquest during this time period and this area of the earth. The possible countries for the white horse may be of Greek or Roman origin, or even Assyrian - none of these initiated a military attack on Judah after the return of the Jews from Babylon.
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