In a large pot, add olive oil and floured beef chunks and brown. Add garlic, tomato puree, salt, basil, oregano, bay leaf, hot pepper flakes, broth, carrots, peas and potatoes. Cover and bring to a boil on medium-high heat.
Lower the heat, slightly uncover and simmer for approximately 30 minutes or until the vegetables are tender, stirring occasionally. Then uncover and raise the heat, cook until desired thickness. Serve immediately.