The idea of a "World War" was largely invented to describe the horrible conflicts that plagued much of, but not all of, the world between 1914-1918 and 1936-1945 once the second conflict occurred (the First World War was referred to as the Great War during the interbellum period of 1918-1936). In the sense that emerged after World War II, there has not been another World War. However, human conflict, due to the unpredictability of the future and the nationalist or self-interested aims of at least a few, will continue throughout the forseeable future. However, to label the War on Terror a World War is a misnomer. Though almost every developed and many undeveloped countries have taken measures to protect themselves from the very real threat of terrorism, few have openly fought terrorist or insurgent organisations at all or as much as the United States or Israel.
Though the War on Terror has lead to equally disturbing measures on both sides, it is not the end of humanity. Terrorists, by nature, have few resources, and the idea of even a group as well funded as Al'Quaeda starting a full-on shooting war is unlikely because it would not be as fruitful as flying a plane into a building full of people, or releasing poison gas into a subway station, both of which are cheap and effective (the UN would have an easy time fighting a conventional war) compared to fielding an army. However, it is important not to lower ourselves down to the level of terrorists via unlawful and inhumane actions such as extrajudicial punishment, excessive use of the military police and tribunals, and as seen in the Gulf War, cluster-bombing. So relax, keep an eye on new laws passed regarding terrorism, and if you disagree with them, then 'stick it to the man' and run for office. If the people support you (as they should, if you are indeed correct) you will win and put in your new policy, and all will be well.
-Penguin
P.S. And, regardless of the situation, living on a private island with gorgeous women sounds like
plan!