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Not so much the question is it? I don't care about cocaine's damage, as it's clearly a hard-core drug. But comparing the effects of alcohol and pot is interesting. Both will seriously fuck you up if you use them too much. Pot will seriously fuck up your head, and can do so even without chronic use if you have pre-existing tendencies. Alcohol will seriously fuck up your liver and other organs. Neither is good for you, so be moderate.

But really, why not legalize pot? I think cultures that don't go overboard on substance control experience different sorts of problems. In the US, underage drinking is a huge problem, and because of its cachet and relative availability, will continue to be. The drinking behavior caused by being forced to drink illicitly is much more dangerous, both at the time (heavier drunkenness) and long-term (more binge drinking, etc.), compared to the healthier attitude towards alcohol in Europe (for example). Reducing the drinking age and making it feasible for families to instill respectful attitudes towards mind-altering substances at a reasonable age can only help. A similar argument should hold for marijuana legalization/regulation.