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Again, I have to disagree. Recent history gives lots of examples of chemicals we thought were a great idea but turned out to be carcinogenic or cause birth defects. Unfortunately, no long-term study has been done on GMOs, only short-term studies by the industry that created them.
Secondly, Monsanto, Cargill and a few other companies appear to be gaining control over a thing that everyone should have access to--seeds for food. They can do this because the act of genetically modifying the seeds gives them patents for them. Now, I can buy their seed but never replant it without threat of lawsuit. I find it a bit scary to see variety after variety of food crops bite the dust simply because nobody is buying them any longer and seed companies are selling instead GMO strains instead. I know whereof I speak--my husband is a conventional farmer. He has almost no options in our area beyond GMO crops.
Lastly, a very brief research into Monsanto's (for one example) business practices does not lead most people to trust in their goodwill and charity toward humankind.
ETA: Genetic diversity among the food world seems like a great way to avoid devastating wipeouts from disease, drought, climate change. The narrower our food supply gets, the more susceptible we are to disaster.
Also, oblio, what exactly is the upside of genetic modification besides, of course, fattening the pocketbooks of the huge industries that have created it? A person always hears the "we can feed more people argument," but I tend to believe starvation is much more related to specific governments than a world-wide lack of food.
In response to another comment that genetic modification is basically a natural process, it really is not. Genetic modification can take traits from a peanut and splice them into a soybean, completely impossible in nature and a potentially deadly consequence for someone allergic to peanuts who then eats soy products (this particular one didn't go to market for that reason).