There are two choices. I either put it in fun or politics, I chose fun.
The term "white privilege" was a term coined by Peggy Mcintosh to describe (paraphrased) "the natural perks that go along with being a white male". In other words, in her assessment, White males don't experience some of the same negative social experiences that others do. For example... Women get whistled at and cat called on the street and black men have problems when walking in areas that are racist towards them.
These ideas are not entirely incorrect but white males (if attractive) are not without their experiences and fair share of female (or sometimes male) cat callers and harassers. And there are plenty of areas where white males cannot walk where it would be difficult to avoid being targeted for being the wrong skin color.
One group of people may find themselves to have more negative experiences than other groups and individual experiences and circumstances vary.
Can "white privilege" be shorthand to describe old, straight, white males with antiquated ideas who the majority of power?
Well, they are white and if they posses a good deal of wealth or power, then yes, they are technically white privileged but let's not start confusing white privilege with class privilege.
As Feminists themselves like to make the distinction clear between the two. Anyone who possesses wealth or power is apart of the privileged class no matter what their gender or ethnicity is.
Actual "white privilege" is suppose to be an issue not tied to wealth or power. The claim is that any white male regardless of social status still possesses some magical trait that allows him to NOT have disadvantages that others have by default.
A system or I should say country where the overwhelming majority of people in control are white males can sometimes in rare cases be advantageous to a white male. But these situations are almost always circumstantial and would require a person in power to grant favor to someone who is a white male for being a white male. In fact, I'm having a difficult time trying to think of a situation that is NOT circumstantial. Example, Police officer or judge giving you a break or a pass because that person in power happens to be a racist but if you were black or hispanic. Their decision would be not in your favor.
Isn't it a privilege to have the majority of power? Once again, that is a class privilege. Being born white doesn't automatically grant you $$$$