This was a wonderful piece. It's well written, and I love the language you used.
Here comes the critique --
"There is no room for love, not in this cruel world
Time passes by as if it were a knife trying to cut but not kill.
It's full of pain and memories of pain.
Yet some how we think love is the answer."
^^ With the first stanza, the only thing I disliked about it was the third line. I think the overuse of the word "pain" bothers the line a bit.
"There is no room for love, not in a world like this.
Our time is that of a race for existence.
Cut throat times, kill or be killed.
When would we have time to love if we don't survive"
^^ Again, just something small that bothered me a bit -- the first line, because you used something similar as the first line to the first stanza.
"There is no room for love, history forgot it.
The great times of love have come and passed.
Hate has taken over now, we can't afford to trust hate.
We can't hope for love to come back,. We can't even afford to trust love."
^^ The fourth stanza -- the last line -- you should remove the period, and not capitalize the second "we".
"There is no room for love, our heart can't take it.
We have seen times so cruel and history full of pain.
We've lost what's ours, our dreams and even hope itself.
Where was love but on the other side of the fence, laughing."
^^ The first line, I think it should be "..our hearts can't take it.." because you're referring to more than one. I could be wrong, however.
Overall; you've written a wonderful piece. Good job.