It is rare and somewhat unsettling to find a psalmist condemning an individual. It can be embarrassing in public worship. The only solution might be to sing the psalm as if it were directed against oneself. But perhaps it is impious to suggest that the first part should not be sung at all. When revelation has progressed to the point where earlier attitudes are no longer acceptable, it may be better to ignore them. No word of God is ever meaningless, but that does not mean it speaks directly to us. It was enough for the psalmist to condemn the liar. We have learned only to condemn the lie.
Wherever power is promoted at the expense of human dignity, we could pray this psalm, which offers the choice between trusting in money/power and in God. Jesus has shown us the way and taught us to be humble. If we follow Jesus’ path, we can enjoy God’s unfailing love forever and always.