No, we should allow it because GMO represents the potential for increases in agricultural efficiency and total output that mean the difference between millions starving to death or not.
I'm not anti-GMO, but your argument is incredibly weak and completely ignores biodiversity and vendor lock in concerns (i.e Monsanto seeds requiring to be re-sown, thus repurchased after every harvest) that seem to be the main angle from most anti-GMO people I know.
The problem is everyone is thinking about the short-term.
"We" in this case is the US (perhaps combined with the Ukraine, Australia & a few other large grain providers).
But that means that much of the worlds population has to rely on food supplies grown elsewhere.
Increasing drought resistance in grain crops could allow African countries to feed themselves, which could decrease political tensions over water supplies.
