Debate: Does the Magisterium have authority over the Bible, or does the Bible have authority over the Magisterium?

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This is a non-denominational exchange of ideas intended to bring about a greater understanding of the Bible.
All views are welcome.

Matthew 16:18-19 reads:

  • And I say to thee: That thou art Peter; and upon this rock I will build my church, and the gates of hell shall not prevail against it. [19] And I will give to thee the keys of the kingdom of heaven. And whatsoever thou shalt bind upon earth, it shall be bound also in heaven: and whatsoever thou shalt loose upon earth, it shall be loosed also in heaven.

The Roman Catholic Magisterium has used these scriptures to proclaim for itself spiritual authority over interpretation of the Bible. The debate question is: Does the Magisterium have authority over the Bible, or does the Bible have authority over the Magisterium?

No personal attacks, such as impugning another editor as a Nazi or anti-Christ are allowed, and the posting can be removed in its entirety by any user.

The Roman church has authority over scripture

Contentions over Bible authority vs Church authority: What the Bible says about it

I'll address the primary issue I addressed on the purgatory debate page—

"And I say also unto thee, That thou art Peter [Greek rock], and upon this rock I will build my church; and the gates of hell shall not prevail against it. And I will give unto thee the keys of the kingdom of heaven: and whatsoever thou shalt bind on earth shall be bound in heaven: and whatsoever thou shalt loose on earth shall be loosed in heaven."
"But if I tarry long, that thou mayest know how thou oughtest to behave thyself in the house of God, which is the church of God, the pillar and ground of the truth."
"Obey them that have the rule over you, and submit yourselves: for they watch for your souls, as they that must give account, that they may do it with joy, and not with grief: for that is unprofitable for you."
"Ye see then how that by works a man is justified, and not by faith alone.
"Submit yourselves to every ordinance of man for the Lord's sake: whether it be to the king, as supreme; Or unto governors, as unto them that are sent by him for the punishment of evildoers, and for the praise of them that do well. For so is the will of God, that with well-doing ye may put to silence the ignorance of foolish men: As free, and not using your liberty for a cloak of maliciousness, but as the servants of God. Honour all men. Love the brotherhood. Fear God. Honour the king."
"We have also a more sure word of prophecy; whereunto ye do well that ye take heed, as unto a light that shineth in a dark place, until the day dawn, and the day star arise in your hearts: Knowing this first, that no prophesy of the scripture is of any private interpretation. For the prophesy came not in old time by the will of man: but holy men of God spake as they were moved by the Holy Ghost. But there were false prophets also among the people, even as there shall be false teachers among you, who privily shall bring in damnable heresies, even denying the Lord that bought them, and bring upon themselves swift destruction. And many shall follow their pernicious ways; by reason of whom the way of truth shall be evil spoken of."