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It's an insult used by liberals to punch left. Because liberals, as a rule, don't really read history or politics with any depth, they don't use it consistently. Sometimes it is conflated with communist. Sometimes they throw it at liberals that are just a bit less racist and xenophobic than them.

Originally it meant communists who supported the 1956 invasion of Hungary, and was used by British communists to split up their own parties on the issue.