One thing that has become apparent since the onset of the Internet and discussion forums like this that allow peoples' eschatological positions to be challenged is that Premillennialists are clearly not the literalists but are in fact spiritualizers. The amount of literal passages that have to be explained away as spiritual or symbolic is alarming. That is because their doctrine is false.
Peter is distinctly talking about the physical renewal of creation that will happen when Jesus comes. It will all be changed into a perfect state. Corruption and all wickedness is being banished forever.
The Greek word is stoicheion. Thayer's Greek Lexicon: στοιχεῖον, στοιχειου, τό (from στοῖχος a row, rank, series; hence, properly, that which belongs to any στοῖχος, that of which a στοῖχος is composed; hence), "any first thing, from which the others belonging to some series or composite whole take their rise; an element, first principle." The elements in this context are speaking of the elements from which all things have come, the material causes of the universe. Jamieson, Fausset, and Brown Commentary describes it as: "the component materials of the world.
Your translation is throwing you off because the translator has made an incorrect conclusion about Peter's intent, leading you to draw the same conclusion. Contrary to Jamieson, Fausset, and Brown, while the Greek supports the translation they suggest, another, more likely meaning is the correct one.
The New Testament has employed the phrase
stoicheia tou kosmou when speaking about religious practices.
An example of this usage is found in Colossians 2:8, 20-21.
Colossians 2:8
8 See to it that no one takes you captive through
philosophy and empty deception, according to the tradition of men, according to the
elementary principles of the world, rather than according to Christ.
The Greek word for "world" here is "kosmos", which refers to any ordered system. For instance, we get our word "cosmetics" from "kosmos" referring to the products women use to give order to the face.
Later in the chapter, Paul lists a few things, by which he defines the particular "kosmos" he has in mind.
Colossians 2:20-23
If you have died with Christ to the
elementary principles of the world, why, as if you were living in the world, do you submit yourself to
decrees, such as, “Do not handle, do not taste, do not touch!” 22 (which all
refer to things destined to perish with use)—
in accordance with the commandments and teachings of men? 23 These are matters which have, to be sure, the appearance of wisdom in
self-made religion and self-abasement and severe treatment of the body,
but are of no value against fleshly indulgence.
Paul helps us understand what he means by
stoicheia tou kosmou. Verse 8 mentions philosophy and empty deception, and verses 20-23 mention decrees such as "Do not handle, do not taste, do not touch, in accordance with the commandments and teachings of men.
In my view, Peter is not predicting the cessation of the elementary principles of the world, he is predicting the cessation of religious decrees and empty religious practices, which will burn up with the purge of Israel.
