This psalm prophesies a time of great falling away from faith in God when the world will become especially corrupt. But it also anticipates the second coming when God's salvation will be revealed out of Zion.
This psalm, which is almost identical to Psalm 53, prophesies a time when there will be a great falling away from faith in God, and the world will become corrupt. But ultimately it also looks forward to God's deliverance coming out of Zion, when God will restore the fortunes of his people Israel.

Jesus also prophesied this great falling away in Matthew 24:10-13, "Then many will be led into sin, and they will betray one another and hate one another. And many false prophets will appear and deceive many, and because lawlessness will increase so much, the love of many will grow cold. But the person who endures to the end will be saved." (NET)

Similarly, the Apostle Paul prophesied in 2 Thessalonians 2:3, "Let no man deceive you by any means: for that day shall not come, except there come a falling away first, and that man of sin be revealed, the son of perdition". (KJV)

The deliverance envisioned in verse 7 of this Psalm will be fulfilled at the second coming, when Jesus will be installed as the earth's king in Jerusalem, and Israel's fortunes will be fully restored. Verse 5 prophesies a moment of terror for the wicked, when God (Jesus) comes to defend his people.
Places: Israel, Jerusalem, Zion
Tags: Restoration of Israel, Great falling away, Second coming appearance
1 For the music director; by David.
Fools say to themselves, “There is no God.” They sin and commit evil deeds; none of them does what is right.
2 The Lord looks down from heaven at the human race, to see if there is anyone who is wise and seeks God.
3 Everyone rejects God; they are all morally corrupt. None of them does what is right, not even one!
4 All those who behave wickedly do not understand – those who devour my people as if they were eating bread, and do not call out to the Lord.
5 They are absolutely terrified, for God defends the godly.
6 You want to humiliate the oppressed, even though the Lord is their shelter.
7 I wish the deliverance of Israel would come from Zion! When the Lord restores the well-being of his people, may Jacob rejoice, may Israel be happy!