Drawing an analogy with "дерьмократия" I think "швабода" is a derisive and probably vulgar way of saying "свобода" (freedom), but please can someone fill me in on the origins, usage, and connotations of this form.
It's a set of political-inspired meme words used extensively on the Russian Internet to mock the liberal wing (opposition) commentators:
Швабода (свобода) — freedom
Швабода шлова (свобода слова) — freedom of speech
Швитая Омерика / Швитая Мурика (Святая Америка) — Holy America (as opposed to Russia)
Шанкции (санкции) — sanctions etc.
You can draw parallels with freedum used on the English-speaking web in political humor context: