"Be still, and know that I am God;
I will be exalted among the nations,
I will be exalted in the earth."
You may have heard this verse many times applied in this way, "Stop being so busy and take time just to be with God." or "Settle down and meditate on God and His Word." It doesn't make sense, though. Psalm 46 isn't about reflecting on God's attributes like some other Psalms nor is it about being quiet or less busy. The verse when applied in this way seems out of place for a Psalm mainly concerned about war, violence, uproars, shattering spears, burning shields, and how throughout it all God remains an ever-present help in times of trouble.
This isn't to say "have a quiet time with God" at all. Why would God be exalted in that? God isn't actually doing anything here, rather it is you doing something.
This verse is to say "Stand back and watch me work!" The army is poised to fight, but God has told them to do nothing except watch Him work, to see his desolations he has brought upon the earth.
"Be still and know that I am God!" is His battle cry. Watch him gain for himself glory, you need not do a thing. Watch Him defeat every foe! It is a wondrous sight to behold! How can we help but exalt his victories? He is our mighty fortress, our protector and our strength, a genuine war hero.