Aussie,
You're almost correct old son.
There is a line of FO's willing to accept that money.
There is an acute shortage of well qualified, experienced, SAFE and reliable Captains coming this way rapidly though. This will be highlighted rapidly by the recruitment going on in the Middle East.
Sadly, it's always been this way. FO's are "10 a penny", Captains are slightly different.
And this recession has highlighted this ever more so I'm afraid.
Life in the RHS is tough. Especially now.