What if you were a vegetarian, and discovered that the tomato in your salad had actually been genetically engineered with animal DNA?
Speaking as a former vegetarian, I'd say this would strike me as a non-problem that's unlikely to happen. Non-problem because the tomato in my salad would still be harvested from a plant, unlikely to happen because animal genes are unlikely to be valuable in plants.
1. No labelling laws, putting the consumer at the mercy of the supplier
Sorry, I don't see how this is scary. If the value of labelling to consumers is greater than the cost for producers to provide it, producers should find it profitable to provide labeling and charge a higher price for their products. Mandatory labelling only makes a difference if its benefit to consumers is smaller than the cost to producers. It thus makes no difference at best and imposes a net cost on society as a whole at worst. Either way, government shouldn't legislate mandatory labelling.
2. No research regarding the long-term effects of eating 'Frankenfood'
True, but the research that is
available thoroughly debunks the scare stories about allergies etc. that have been circulating about genetically modified food, while research on food additives has revealed a huge load of adverse effects. Why genetically modified food scares people while additives don't remains a mystery to me.
3. Lack of sufficient subsidies for farming, forcing many to buy genetically altered seed to raise yields
I know I'm repeating myself, but insofar as genetical modification causes more harm to consumers than benefits to producers, producers can make a profit by producing unmodified food and charge a higher price for it. If this happens rarely, that's strong empirical evidence that consumers don't care much about their food being genetically modified. So why bother? Subsidies would only distort the incentives on either side.
4. How an idea originally (perhaps naively) intended to 'feed the world' turned into just another way to line the pockets of multi-nationals
Nobody is forced to pay money to multi-nationals, so I don't see what's wrong with their pockets being full of money. Why do you?