In a large mixing bowl, add the beef (3 pounds) and toss with 1 teaspoon of salt and 1/4 teaspoon of black pepper. Let sit for 15 minutes.
Heat 2 tablespoons of oil in a large pot over medium heat. When hot, add beef in batches, allowing the pan bottom to be visible between pieces, and brown on all sides, about 5 minutes per side. Remove meat to a plate; set aside. Repeat with the remaining beef and add more oil if needed. Remove and discard all but 2 tablespoons of oil from the pot.
Add the onions (2 medium), garlic (4 cloves), and 1 teaspoon salt to the pot and saute over medium-low heat until translucent, about 7-8 minutes. Adjust heat as needed so they do not brown.
Sprinkle flour (1 tablespoon), both paprikas (1 tablespoon hot Hungarian paprika + 2 tablespoons sweet Hungarian paprika), and caraway seeds (1 teaspoon )over the onion mixture and continue to cook for 1-2 minutes, or until the spices become fragrant.
Add wine (1 cup) and continue to cook until reduced by half. Add beef broth (5 cups) and Better than Bouillon (1 heaping tablespoon), bay leaves (2), and the browned beef; bring to a boil then reduce heat and simmer, for about 2 ½ to 3 hours or until beef is fork-tender.
Stir potatoes (2), carrots (4), and red pepper (1) into the soup. Simmer until vegetables are tender, about 20 minutes. If the broth becomes too thick add more beef broth or water to thin it. (I like my broth to be like gravy) Adjust seasoning and serve!