In a large soup pot, cook the bacon pieces over medium heat, stirring often until crisp. Using a slotted spoon transfer cooked bacon to a large mixing bowl; set aside.
Brown the beef chunks over medium-high heat on all sides in the bacon drippings in small batches. Remove browned beef to the mixing bowl.
Add oil to the pot and saute onion and garlic, over medium heat until onions are soft, about 5 minutes. Sprinkle paprika, caraway seeds and flour over vegetables and cook, stirring constantly until spices become fragrant, 1-2 minutes. Stir in vinegar and tomato paste and continue to stir constantly, cook 1 minute. Add broth, Better Than Bouillon, water, salt, pepper. Return the bacon and browned beef to the pot. Bring to a boil, immediately reduce heat and simmer, partially, covered until the beef begins to get tender, about 2 hours.
Add the potatoes and carrots and simmer for 10 minutes. Add the red bell pepper and continue to simmer until all the vegetables are fork-tender. Thin as needed with water. Adjust seasoning and serve.