In this setting, liberals face a conundrum. How far should they maintain traditional liberal ideals, and how far should they move towards non-liberal, and potentially illiberal, ideologies if these seem more promising for the purposes of social change?
As I commented elsewhere 20 mins ago, the context of the term depends on the context of the OP/meme/audience. All of them are derision.
If they are NOT a fascist then “Liberals” means the neoliberal, DNC, “white moderate” types who arguably run as counterintelligence against the left, and help the right “sow the seeds of fascism”.
If they’re a fascist “Liberals” refers to EVERYONE left of fascism, as it is used interchangeably with communist, marxist, woke; whatever they don’t like.
Neoliberals are fascists. The DNC is pro-war, pro-surveillance, pro-genocide, etc.