I would take issue with that. Raul Merieles is most definitely world class, not on the same level as Gerrard of course, but I would say he is the best midfielder of his type in the world, bar possibly De Rossi.
Agger, like Kuyt, is criminally underrated, and Johnson is young and able to improve defensively. Going forward he is a superb fullback, two footed, has a great shot, strong, good in the air, quick. Cole is a quality operator, we all know this, and hasn't yet captured his best form. Give him time. Form is temporary, class is permanent.
Anyway, all this is beside the point. Point is that Liverpool have a good first team, good enough to get into the top four when all are fit and firing. What 'Pool don't have is an entire squad of world class players, but they don't need that. You don't need every single player in your team to be world class to do well. You need one or two top class players, surrounded by competent ones. I would argue that right now, Man City have at least the same amount of "World Class" players in their team as Liverpool (Tevez, Silva, Y Toure are the only truly world class players in their squad), and they beat Chelsea the other day.