Originally meant somebody who believes in individual liberty and personal sovereignty, now means the complete opposite. Modern "liberalism" is an authoritarian collectivist ideology that is much closer to fascism and Communism than classical liberalism, with modern liberals believing that big government is the solution to every problem.
The funny part is the actual reason behind the corruption of this word, which was conservatives calling statist-socialists "too liberal" for supporting things like the legalization of homosexuality, the separation of church and state and soft drug laws.
Classical liberal: Everyone should have freedom of speech no matter how far their views stretch from the norm, after all it is those for whom freedom of speech exists to protect.
Modern liberal: People shouldn't be allowed to own guns because they're dangerous.
Classical liberal: When guns are criminalized, only criminals have guns. Everyone should have the right to defend themself and their property from criminals and tyrannical governments with a firearm.
Modern liberal: Marijuana should be decriminalized, taxed and regulated by the government.
Classical liberal: All drugs should be completely legalized to be grown and traded by whoever wants to grow and trade them. What somebody grows, trades or smokes is up to them, not the government.
Modern liberal: A high income tax is a necessity.
Classical liberal: Income tax is theft by thugs with guns.
Modern liberal: The government should be there to make sure people don't make bad decisions.
Classical liberal: People should take more personal responsibility for themselves.