What power is Elrond referring to?

[Anguirel]

He's probably talking about the Dunedain of Arnor, Rangers like Aragorn and Halbarad who guarded the Shire in particular and Eriador in general from enemies. At least, that seems the most likely answer to me.

Oh I knew that...thought it was another source of power like an Elvish one like Elrond in Rivendell etc...thank you though!

[Anguirel]

It could also be Vilya, the Elven-ring Elrond carries, but that doesn't have much to do with the safety of the Shire.

[Rumil]

I had the impression that Elrond was referring not only to the Dunedain guardians but to the abilities and character of the Hobbits themselves. Although primarily peaceful, when danger threatened the Hobbits could band together for self defence, as they appear to have done during the Fell Winter and the Battle of Greenfields and as, after a little prodding, they did at the Battle of Bywater.

I guess this also brings in the stable settled nature of the Shire and the deep co-operative links that bound its inhabitants together (in a sort of 'still waters run deep' sort of fashion). One might say that Hobbits are, essentially, good folk and would look out for one another at times of crisis.

To speculate wildly, maybe their peaceful way of life had also attracted some indistinct and nebulous protection from the great powers, the Valar or even perhaps Eru. Did Gandalf perhaps subconciously display the wishes of his masters by his benevolent regard for the Shire Folk?

[Ainaserkewen]

Just as I was thinking Rumil.

Perhaps also some of the protective power came not only by the innocence and hardiness of Hobbits but also by their non-existence. Sauron didn't even know Hobbits existed until he caught Gollum. Also, I'd like to speculate that perhaps the "higher ups", Gandalf, Elrond, etc. might of had a hand in their secrecy. Hobbits represented the wholesomeness in Middle-Earth and Gandalf, if not other great lords, wanted to protect that. The Dunedain not only protected the Hobbits physically from intruders, but also in their actual hiding of them from the outside world. I'd like to suggest that the stories and fairy tales about Hobbits known in Rohan and other realms might have been encouraged on purpose.

[Nimrodel_9]

Why do you think Elrond and the Rangers were so set on protecting the Shire? Because they are defenseless? No, Hobbits can somewhat defend themselves. Because they are almost defensless. Anywho. Perhaps Elrond kinda foresaw that a hobbit would be the one to decide the fate of Middle-earth. I'm answering my own question...

[Ainaserkewen]

It would make total sense that it was Frodo's destiny to be the ring bearer and that Elrond or Gandalf had predicted that. But how? Did they think that it was merely a matter of time before a Hobbit would do something important? Or is there some magic in the whole thing?