On both "World Wars" the entire World wasn't at war... We call WW to large scale wars between two large factions that drags a shit load of allies from each side, which was the case of the cold war, even if the factions didn't directly engaged each other.
To the latest imperialistic attempts, those yes, doesn't seams to fall under the concept of World War.
Actual worldwide wars happened before, (two factions dragging shitloads of allies all over the world to war), but I think the difference, and what made people call the two World Wars as World Wars, and expect the third to use nukes, is the fact that those World Wars were also Total Wars (Total War is when the entire country turns into a war machine, the US in WWII for example, that started to churn out machines, send all males to battlefield and send females to factories to make more ammo, supplies and equipment, or the Russians that went to war with several million soldiers).
Returning on topic: I actually agree. I do not Libya war is caused by Gadaffi efforts with gold standard and ignoring IMF and central banking... It is worth to note, that 2 weeks after the start of the NATO invasion, the rebels created their own Central Bank (interestingly, when that happened, the media was still portraying them as ragtag random people with common goal... they founding a Central Bank dispelled that).