Cut the meat into 1 inch squares.

Using a very large pot (important!), heat the oil. When the oil starts to smoke, add the meat. Cook the meat, stirring frequently until browned. Add onions and bell peppers. Stir in the spices. Add crushed tomatoes. Fill the tomato can with warm water and add this to the pot.

Reduce heat to medium and cook for about 45 minutes, stirring frequently. Mix the cornstarch and cold water together. Pour the mixture into the goulash to thicken it. (Sometimes the mixture is thick enough without the cornstarch mixture as the crushed tomatoes and the paprika do the trick).