Bike is correct in one thing---in saying that Israel is God's time-piece. God dealt with Israel up to the diaspora. The clock for Israel basically stopped ticking, leaving one week of 7 years left in their "judgment". Daniel was told that 70 "weeks" were determined upon Israel for Judgement. 69 of those weeks were accomplished, leaving one week of years left.
In God's great and wonderful purpose as this clock stopped ticking, he then turned his attention to the "church" and a two thousand year space of time has taken place as millions of non-jews and jews alike have been saved into this entity called the "church", a mystery which even the prophets themselves did not see.
In 1948 the clock reappeared, and when it begins to "tick" again very shortly the final week will start on Israel's judgment----this is called the "Tribulation Period". The second half of the 7 years is called the "Great Tribulation", and the anti-christ will show his true colors at that time. It will be the worst period of time the earth has ever faced in all of it's years of existence.
Israel definitely is God's time-piece, and we do well to realize that the appearance of Israel is a true sign that we are very, very close to the end of God's dealings with mankind before the Millenium starts, the final 1000 year period of testing for man.
Incredibly, Revelation says that even after 1000 years of Millenium, living under the reign of Christ, Satan will be unloosed, and mankind will rebel one final time. Amazing! And then the end will come.