Preheat the oven to 350 degrees. Place a large pot on the stove over medium heat.
Add the bacon and cook, stirring occasionally, until crisp. Remove bacon from pot and drain on paper towels. Set bacon aside.
Discard all but 2 tablespoons of bacon fat from the pan.
Season the beef generously with salt and pepper and add 1/2 of the meat to the bacon fat in the pot. Cook for 4-5 minutes on each side or until deep golden brown.
Remove the beef from the pot and repeat the browning process with the remaining ½ of the meat. Remove the second batch of meat from the pot.
Place the onion in the pot and season to taste with salt and pepper. Cook, stirring occasionally, until tender and lightly browned, approximately 4-5 minutes.
Return the meat to the pot. Add the flour and tomato paste and cook for 1 minute, stirring to coat the meat.
Add the thyme and beef broth to the pot. Cover the pot and place it in the oven. Cook for 2 hours.
After 2 hours, remove the pot from the oven and stir in the carrots, potatoes and half of the bacon. Return the pot to the oven and bake for an additional hour, then serve, topped with remaining ½ of the bacon and chopped parsley.