With this wording I think this would trigger again on its resolution creating a loop till someone looses because he can't draw.

Heh. "The player with the smallest library loses the game." Perhaps "each other player exiles the top card of their library face down, then puts the exiled card into their hand"?

Eh; the intent is clear enough. I think the right wording is:

"Whenever any player would draw a card, instead all players draw a card." and rely on the "Can't replace again" stuff?

Anyhow. Kinda explosive in multiplayer; terrifying card-advantage if you've got some way it out at need; but also a fun "Hey, let's just drop this into play" symmetric thing like Howling Mine? Great rare.

Oh yes, I should have said that. It is a very good card. And I think Vitenka's suggestion is better than mine.