The Great Con of Libertarianism

Slate, via Ritholtz:

Calling yourself a libertarian is another way of saying you believe power should be held continuously answerable to the individual's capacity for creativity and free choice. By that standard, Thomas Jefferson, John Ruskin, George Orwell, Isaiah Berlin, Noam Chomsky, Michel Foucault, and even John Maynard Keynes are libertarians. (Orwell: "The real division is not between conservatives and revolutionaries but between authoritarians and libertarians." Keynes: "But above all, individualism … is the best safeguard of personal liberty in the sense that, compared with any other system, it greatly widens the field for the exercise of personal choice.") Every thinking person is to some degree a libertarian, and it is this part of all of us that is bullied or manipulated when liberty is invoked to silence our doubts about the free market. The ploy is to take libertarianism as Orwell meant it and confuse it with libertarianism as Hayek meant it; to take a faith in the individual as an irreducible unit of moral worth, and turn it into a weapon in favor of predation.
Another way to put it—and here lies the legacy of Keynes—is that a free society is an interplay between a more-or-less permanent framework of social commitments, and the oasis of economic liberty that lies within it. The nontrivial question is: What risks (to health, loss of employment, etc.) must be removed from the oasis and placed in the framework (in the form of universal health care, employment insurance, etc.) in order to keep liberty a substantive reality, and not a vacuous formality? When Hayek insists welfare is the road is to serfdom, when Nozick insists that progressive taxation is coercion, they take liberty hostage in order to prevent a reasoned discussion about public goods from ever taking place. "According to them, any intervention of the state in economic life," a prominent conservative economist once observed of the early neoliberals, "would be likely to lead, and even lead inevitably to a completely collectivist Society, Gestapo and gas chamber included." Thus we are hectored into silence, and by the very people who purport to leave us most alone.
Thanks in no small part to that silence, we have passed through the looking glass. Large-scale, speculative risk, undertaken by already grossly overcompensated bankers, is now officially part of the framework, in the form of too-big-to-fail guarantees made, implicitly and explicitly, by the Federal Reserve. Meanwhile, the "libertarian" right moves to take the risks of unemployment, disease, and, yes, accidents of birth, and devolve them entirely onto the responsibility of the individual. It is not just sad; it is repugnant.

The article is well worth the read.  We have to bring back the discussion of the common good.  Individual liberty at the expense of the general welfare becomes serfdom for the masses, Hayek's premise turned on it's head.