When Sarah Palin was chosen as John McCain’s running mate in the 2008 presidential election, she was widely perceived, even by admirers, as lacking the gravitas necessary in a national political leader.

If that was all she lacked to qualify for high office, she now qualifies, because she has acquired it. She has knowledge and sensible opinions about foreign affairs. And she has given serious thought to the nation’s economic predicament.

The Fed announced that it would buy $600 billion in Treasury securities over the next eight months. It’s a dangerous move, and Sarah Palin has spoken out cogently against it.

From the Wall Street Journal:

Sarah Palin, delving into a major policy issue a week after the mid-term elections, took aim Monday at the Federal Reserve and called on Fed chairman Ben Bernanke to “cease and desist” with a bond-buying program designed to boost the economy.

Speaking at a trade association conference in Phoenix, the potential 2012 presidential candidate and tea-party favorite said she’s “deeply concerned” about the central bank creating new money to buy government bonds. Ms. Palin said “it’s far from certain this will even work” and suggested the move would create an inflation problem.

She’s right. It will.

She went on to say:

When Germany, a country that knows a thing or two about the dangers of inflation, warns us to think again, maybe it’s time for Chairman Bernanke to cease and desist … We don’t want temporary, artificial economic growth bought at the expense of permanently higher inflation which will erode the value of our incomes and our savings.

Palin’s influence on public opinion is tremendous, as the November 2 elections proved.

Should she be the Republican choice for the presidency in 2012? The only strong argument against it is that she is “too divisive”. Feeling among the voters runs as strongly against her as for her.

And as that is true of Obama too, her standing against him would present a polarized choice. The contrast between them – what they respectively stand for – would be stark: collectivism versus liberty, the great political division of our time personified in the two candidates. A starker choice than ever before?

The nation would be confronted with an either/or: a commitment to one future or another.

Would it be too intimidating for every voter to have to make such a momentous decision?

America would be deciding what it wanted to be, that “shining city on a hill”, that “beacon of liberty”, that “last best hope of mankind”, if it chose Palin? Or a declining power, a shabby welfare state, beset by enemies and insufficiently armed to defend itself, a glorious ideal abandoned, a vision of civilized freedom lost, a colossal wreck, an historic tragedy, if  it chose Obama.