In theory, I support a lot of what true libertarianism is all about.
But:
1. Too many libertarians take their theories to lengths which would never be workable in today's world (e.g. a return to the gold standard). Attempts to create Utopia have never succeeded, and they're more unlikely to succeed now than ever. The reason the Greens have been semi-successful in parts of Europe is that they've learned that they have to work incrementally and compromise; "rabid" libertarians would never agree to that approach.
2. When the US and the world are in the midst of a crisis like the one we're in, there's no way that *this* is the time to experiment with libertarianism - it would be too much of a shock to the system and things would come crashing down. A prolonged period of peace and prosperity (if such a thing is possible in the 21st century) would be the ideal time to try libertarian ideas.
3. As previously stated, with a Congress that is primarily concerned with its own agenda and re-election prospects, there would be no way that any libertarian president could push through much of anything. It would have to be a build from the bottom-up in order to be successful.
4. With the Republican party in a shambles and on a self-prescribed path toward irrelevancy, now would be the ideal time to start to build a "realistic" version of a Libertarian party, from the bottom up.
What Obama's election (in a time of crisis and fresh off a disasterous presidency) really proved is that America is open to electing a rational, intelligent politician even if his policies aren't completely to a majority of the voters' liking - as long as the voters don't think that their *own lives* will be turned upside down by the result.
Ron Paul may be rational and intelligent, and viewed as such within the narrow framework of his believers - but his strict libertarian agenda comes across as radical and frightening to many Americans.
The many disaffected Republicans who don't march to the drumbeat of Rush, Cheney and Rove would be an ideal starting base for a new, "realistic" libertarian-style party, dedicated to incremental change within the existing system.
But if there's an unstated litmus test for Libertarians, as there is now for Republicans, it'll never happen.
This former political scientist and journalist will now return to the business of pedding porn.
