2 Timothy 3:16 All scripture is given by inspiration of God, and is profitable for doctrine, for reproof, for correction, for instruction in righteousness:
Most people refer to Inspiration in the manner that God "breathed OUT" the Scriptures, and therefore this only refers to the originals. Ie. in the sense that He breathed out the exact Hebrew, Greek, and Aramaic words - therefore some of these same people have a problem with using the term inspiration to refer to copies or translations (though that is EXACTLY what the Apostle Paul WAS referring to in the above verse).
But the English word INspiration and the Greek word theopneustos both mean "breathed IN" (for clarity's sake - the Greek word means "God breathed" - see below definition - and the English equivalent is the phrase "given by inspiration of God"), not "breathed OUT" - that would be "EXpiration".
Strong's #2315 theopneustos
from 2316 and a presumed derivative of 4154; divinely breathed in:-- given by inspiration of God.
Practically, is there any theological difference between these two concepts? I believe there is.
When I think of God breathing into the Word of God, I think of the Holy Spirit giving life to the Words of Scripture - so they are not just some dry, dusty words penned in the original languages, but the living Word of God. Therefore if this is right, then the inspiration of Scripture is not limited solely to the words originally given - but also to all faithful copies and foreign translations (ie. into other languages) of that Word.
Some verses along this theme:
Hebrews 4:12 For the word of God is quick, and powerful, and sharper than any twoedged sword, piercing even to the dividing asunder of soul and spirit, and of the joints and marrow, and is a discerner of the thoughts and intents of the heart.
1 Peter 1:23-25 Being born again, not of corruptible seed, but of incorruptible, by the word of God, which liveth and abideth for ever. For all flesh is as grass, and all the glory of man as the flower of grass. The grass withereth, and the flower thereof falleth away: But the word of the Lord endureth for ever. And this is the word which by the gospel is preached unto you.
For the record, I do believe that the King James Bible IS God's inspired, preserved Word for English-speaking believers today. I believe we HAVE God's Word and can hold it in our hands, read from it, study it - and yea, even live from every word that proceedeth (present tense) out of the mouth of God, as Matthew 4:4 teaches - in order to live by every word of His Word we have to have it preserved for us; and we do - just as He promised.
I found this article on the same theme interesting:
Scripture: Inspired or Expired? By Moses LemuelRaj