The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.NEW YORK ( TheStreet) -- In my last article, I wondered how the authors of The Way Forward could completely ignore the role of banks as contributors to our global economic malaise. In this piece, I will look at their recommendations on what needs to be done globally to rectify the situation. Capital Flows: The authors of the study, Daniel Alpert, Robert Hockett and Nouriel Roubini, or AHR, argue that capital inflows from emerging market countries contributed significantly to the U.S. housing/spending bubble that burst in late 2008. They assert further that a significant portion of those capital inflows came from emerging market governments (primarily China) trying to keep the U.S. dollar strong, so as to give their exporters a competitive advantage. They are critical of "China's continuing policy of pegging the yuan to the dollar." There are several problems with these assertions. U.S. Capital Inflows: Table 1 gives data on foreign government and private investments in the U.S. for the 2000-2007 period. While foreign governments purchased $1.4 trillion of U.S. government securities during this period, the foreign private sector purchased far more, $3.8 trillion, with most purchases being equities.