Good point Ricfly, just look at the monthly pictures of Cadet courses. They are all gweilos from Oz, NAM, Euroland, or Sud Africa.
But then again, if they all went home, the planes would be grounded. But you are right, the salaries would definitely increase to what they used to be.
The only difference we have seen at Cathay with new recruits is the level of experience. Where are before they could pick and choose as they liked from all sorts, they are now restricted to whoever applies, or at least picking the best of the lowest.
It is the lower paying jobs that are scouring the third world for pilots. Some of the LO-COs in India, Philippines, Indonesia, and the ME are really hurting for crews. That is where conditions are on the up and up as these carriers compete for the scraps, often descending on dead airlines like vultures on fresh roadkill.