Longreads

Reefer Madness Marijuana has not been de

On the morning of 15 August, India’s Independence Day, it was raining cats and dogs in Delhi. By 7 am, Prime Minister Manmohan Singh was atop the ramparts of the 17th-century Red Fort, hoisting the flag and saluting the assembled soldiers and citizens from behind a glass enclosure. Amid a sea of umbrellas, children who had gathered to watch the parade ran about, as if at a disorderly festival ground; the soldiers and paramilitary troops paraded on the wet asphalt, completely drenched.

In October 2005, three Citigroup analysts released a report describing the pattern of growth in the U.S. economy. To really understand the future of the economy and the stock market, they wrote,…