We are not humpty dumpty, and words do not mean just what we want them to mean. If you've redefined racism so some of what the dictionary says is racism isn't racism any more, it is only going to lead to confusion. The concept of privilege is a useful expansion to the understanding of racism, but it doesn't supercede its meaning entirely. In other words, I think it is useful to say that power + privilege equals intrinsic racism, but that doesn't mean overt and explicit racial discrimination somehow isn't racist anymore.

But in any case -- by any definition, power and privilege isn't exclusive to white people, nor are all white people . There are people who aren't white who enjoy plenty of privilege, and there are white ethnic groups who suffer from it.