The Woman Babylon
Note that the Woman Babylon is "that great city, which reigneth over the kings of the earth" (Revelation 17:18), and is the only one to "buy merchandise" from the merchants of the earth (Revelation 18:11), and contains "the blood of prophets, and of saints, and of all that were slain upon the earth" (Revelation 18:24).
No single city can fulfill all three of these aspects of the Woman Babylon: no single city can be charged with every political, economic, and religious sin throughout history.
For this reason I believe she can only be a picture of our godless human civilization as a whole, and from its beginning. She rode the 6 empires that existed by John's time (Revelation 17:3, 9-10): Egypt, Babylon, Assyria, Persia, Greece, and Rome. She then rode the back of the Empires of Islam, and will for a time ride the back of the Antichrist's empire (Revelation 17:11), whose 10 kings (Revelation 17:12) will ultimately burn her with fire according to God's will: "These shall hate the whore, and shall make her desolate and naked, and shall eat her flesh, and burn her with fire. For God hath put in their hearts to fulfil his will" (Revelation 17:16-17).
I believe that the 10 kings will destroy Babylon right before the 2nd coming, in the 7th vial of God's wrath (Revelation 16:19), and that this may be in Satan's mind his own desperate scorched-earth attempt to leave nothing for Jesus to rule when he returns: "O thou enemy, destructions are come to a perpetual end: and thou hast destroyed cities; their memorial is perished with them" (Psalm 9:6), "That made the world as a wilderness, and destroyed the cities thereof" (Isaiah 14:17); when in fact it will "fulfil God's will" (Revelation 17:16-17) against our godless civilization: "And the cities of the nations fell: and great Babylon came in remembrance before God, to give unto her the cup of the wine of the fierceness of his wrath" (Revelation 16:19); "I have cut off the nations: their towers are desolate; I made their streets waste, that none passeth by: their cities are destroyed" (Zephaniah 3:6).
*******
The Catholic Church?
Some say the Woman Babylon is the Catholic Church. While I've been told that that some of its practices are uncannily like the ancient Babylonian religion, and I believe its errors form a part of the Woman Babylon, I don't think the Catholic Church can be charged with every political, economic, and religious sin throughout history. It isn't "that great city, which reigneth over the kings of the earth" (Revelation 17:18) or the only one to "buy merchandise" from the merchants of the earth (Revelation 18:11), nor does it contain "the blood of prophets, and of saints, and of ALL that were slain upon the earth" (Revelation 18:24), nor did it ride the 5 empires that had fallen by John's time (Revelation 17:3, 9-10): Egypt, Babylon, Assyria, Persia, and Greece.
Also, if the Woman Babylon were the Catholic Church, and the Antichrist's 10 kings ultimately burn her with fire (Revelation 17:16), then who would the Antichrist be, who would the 10 kings be, and who would be the False Prophet?
*******
Jerusalem?
Some say the Woman Babylon is Jerusalem, and refer to Revelation 11:8. But note that Revelation 11:8 doesn't mention Babylon. I believe apostate Jerusalem is a part of the Woman Babylon in one important way: they both are charged with "all the righteous blood shed upon the earth" (Matthew 23:35, Revelation 18:24), but it can't be the whole of the Woman Babylon because it doesn�t "rule over the kings of the earth" (Revelation 17:18), nor is it the only city to "buy merchandise" from the merchants of the earth (Revelation 18:11).
The OT prophets often spoke comfort to Jerusalem, and not only judgment (Isaiah 40:1-2). I can find no comfort for "Babylon." True Jerusalem is even the antithesis of Babylon: Jeremiah 51:35, Psalms 122:6 -- in these verses I believe Jerusalem doesn�t refer only to New Jerusalem, but also to the good things that the earthly Jerusalem is meant to stand for: GOD�s system: Christ's rule over the affairs of men (Isaiah 62:6-7).
Some believe that Jerusalem will "rule the earth" when the Antichrist makes it his capital. But while I believe the Antichrist will sit in the temple in Jerusalem and proclaim himself God (2 Thessalonians 2:4), it's not clear if he will make Jerusalem his political capital. If he did, why would the 10 kings subservient to the Antichrist (Revelation 17:13) hate it and destroy it with fire? (Revelation 17:16)
Note that Galatians 4:21-31 refers only to earthly Jerusalem "which now is," not as it will be when the Lords returns and reigns from there during the millennium (Isaiah 2:3).
I don't see Revelation 19:3 as hyperbole, but a picture of the smoke of the lake of fire where all those who were part of Babylon will be tormented forever: "Babylon is fallen, is fallen, that great city, because she made all nations drink of the wine of the wrath of her fornication. And the third angel followed them, saying with a loud voice, If any man worship the beast and his image, and receive his mark in his forehead, or in his hand, The same shall drink of the wine of the wrath of God, which is poured out without mixture into the cup of his indignation; and he shall be tormented with fire and brimstone in the presence of the holy angels, and in the presence of the Lamb: And the smoke of their torment ascendeth up for ever and ever: and they have no rest day nor night" (Revelation 14:8-11). "Cast into the lake of fire and brimstone... and shall be tormented day and night for ever and ever." "And it shall come to pass, that from one new moon to another, and from one sabbath to another, shall all flesh come to worship before me, saith the LORD. And they shall go forth, and look upon the carcases of the men that have transgressed against me: for their worm shall not die, neither shall their fire be quenched" (Isaiah 66:23-24).
How does Zechariah 14:1-5 require that Jerusalem be the "Babylon" of Revelation?
*******
New York City?
Some say the Woman Babylon is New York City. I believe it's possible that New York City could be counted as part of the Woman Babylon.
Note that there is great similarity between the Tyre of Ezekiel 27 and the "Babylon" of Revelation 18:3-19. Isaiah 23:8-9 says ancient Tyre was "the crowning city, whose merchants are princes, whose traffickers are the honourable of the earth" and that the ancient destruction of Tyre served as an example to humble all others like it in the earth: "The LORD of hosts hath purposed it, to stain the pride of all glory, and to bring into contempt all the honourable of the earth."
I believe Jesus said Jerusalem would be held accountable as the example for all the religious sins of all ages (killing of martyrs specifically, Matthew 23:35) because what other city could be called "the crowning city" in religious matters? I believe it's possible that New York City could be held accountable as the example for all the economic sins of all ages, as Tyre was an example to the world in ancient times, for what other city could be called "the crowning city" economically? And Washington D.C. may be held accountable as the example for all the political sins of all ages, for what other city could be called "the crowning city" politically?
*******
Come Out Of Her
How does Revelation 18:4 show a pretrib rapture? Is 2 Corinthians 6:17 a pretrib rapture? Is Zechariah 2:7?