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Except that "cyclical time" is not really what Hawkings seems to be alluding to, and I don't think that Thor's explanation of eternity conforms to that either. For those surviving religions that do subscribe to cyclical time, you are right: this will certainly not mean much, but this is given that Eastern religious systems where cyclical models still persist are generally uninterested in the validation of "science".
For virtually every monotheistic religion in the Western world, this most certainly makes an impact, as for Jews, Christians and Muslims alike, the idea of progression and purpose toward a future goal is central to their religious tenants. The idea that the universe is the result of necessary natural causes is problematic for most who belong to one of these.
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