One of the problems with penal substitutionary theories of the Atonement, at least as sometimes presented, is that, on the one hand, they present God the Father as being unable to be reconciled to humanity until his wrath is spent, but on the other hand, the Bible is very clear that the work of Christ is initiated and carried out by God the Father and the Son, not the Son acting on the Father as it were.
John Calvin, who is often regarded as one of the fathers of this understanding of the Atonement writes (in my heavily abridged version of the Institutes):
Before we go any further, we must try to see how God, who goes before us in mercy, was our enemy until he was reconciled to us by Christ. But how could he have given us that unique seal of his love — the gift of his only begotten Son — if he had not already freely embraced us in his favour? (p. 129)
What Calvin goes on to say seems to me to be that God has to make us understand how horrible our sin is, and that part of the reason why Jesus has to be crucified is to show this. “If it was not stated clearly that divine wrath and vengeance and eternal death hang over us, we would be less aware of our condemnation without the mercy of God, and less likely to value the blessings of salvation” (p. 129).
But what’s not clear to me is whether Calvin is saying that God is truly merciful but has to “put on a show” of being wrathful in order to impress upon us the awfulness of our sins. Or is he actually saying that Jesus’ death propitiates God’s wrath, objectively speaking? This seems to be implied by what he says later about the “guilt which made us liable to punishment was transferred to the head of the Son of God” (p. 131), but if so, then it seems to me that he hasn’t really addressed the apparent contradiction of God being our enemy but also acting to reconcile himself to us (and it’s interesting that Calvin says that God is was reconciled to us (p. 129), whereas Paul says God was in Christ reconciling the world to himself. Is this significant?).
It could well be that I’m just missing enough of the text that the argument isn’t spelled out more explicitly. Any Calvin-philes out there want to clear this up? Is the wrath for Calvin our perception which God alters by offering his Son, or does the Son objectively “satifsy” the wrath? Or both?

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