Augustine. Exposition on the Book of Psalms. Schaff, Philip (editor). New York: Christian Literature Publishing Co, 1886. Nicene and Post-Nicene Church Fathers: Series 1: Volume VIII. Re-published 2014, Catholic Way Publishing. Kindle electronic edition, ISBN-13: 978-1-78379-372-3.
Augustine observes that God's mercy is central to all the praise of God, so it is fitting that each verse ends with the statement of God's mercy (Augustine Psalms, loc. 341441, par. 1). It is God's mercy which changes our misery to joy. Verses 2-3 specify that God is the God of gods and Lord of lords. Augustine observes that, in a limited way, even men are called gods, but not the true God (Augustine Psalms, loc. 341451, par. 2). He then goes on to distinguish between the physical idols which are worshiped as gods and the spiritual entities which receive that worship. His opinion is that when the Gentiles worship idols, they are really worshiping evil spirits (Augustine Psalms, loc. 341466, par. 3). It is only the true God who does wonderful things (v. 4). The issue which continues through the rest of the Psalm is that worship is due to the God who does all the things noted in the verses (Augustine Psalms, loc. 341481, par. 4).
Verse four also states that God "alone" does great wonders. Augustine asks whether this expresses that God is the only one who does the wonders or that God does them without any help (Augustine Psalms, loc. 341486, par. 5). He certainly does some of the works of this Psalm without human cooperation. Augustine illustrates this from numerous verses in the Psalm. God's making of the heavens "by His wisdom" is without question something he does by himself (Augustine Psalms, loc. 341502, par. 6), and his arrangement of the earth is an act of his sovereignty. However, Augustine also, in a sense, takes God's saints to be in heavenly places, and, through their baptism, to reflect the earth "above the waters" (Augustine Psalms, loc. 341512, par. 8).
God remains the Lord who rescues his people, and is the only one qualified to do so (v. 11) (Augustine Psalms, loc. 341517, par. 9). He is the one who is powerful enough to do all that is needed to rescue his people from Egypt, from the trials of this world, and from all who would oppose Him. This is the content of the verses following verse 11. He is also the one who can remember and rescue us (vv. 23-24) (Augustine Psalms, loc. 341532, par. 9). For this reason the Psalm closes by again calling God's people to give thanks to him, for his mercy endures forever.