Preheat the oven to 325.
Chop up the bacon in to little strips using kitchen scissors and sauté in a 6-7 quart Dutch oven, (or a non stick stock pot that is oven safe to a temp of at least 350), over medium-high heat until the fat has rendered out and the bacon is good and crispy.
Remove the bacon with a slotted spoon and set it aside on a paper towel lined plate, leaving the bacon fat in the pot.
Dry your beef with paper towels because it will not brown if it is damp. Season the beef with salt and pepper and add it, a few pieces at a time, to the hot bacon fat and brown on all sides in batches.
Remove beef from the pot with your slotted spoon and set aside.
If you have more than a few tablespoons of bacon fat left in the pot get rid of some till you have just a light coating on the bottom of the pot.
Toss your pearl onions in to the pan with the light coating of bacon fat and let them cook for 1-2 minutes.
Remove onions from the pot using your slotted spoon and add them to the beef on the side.
In the same pot with the same fat, throw in the minced garlic, the chopped onion, (mine is pretty much liquidized), and the mixture of chopped and whole baby carrots.
Cook for about 2-3 minutes, then stir in the tomato paste and 2 Tbsp of the cornstarch and toss together.
Add the sparkling juice and vinegar, and let that cook for another 3-4 minutes.
Return the bacon, beef and pearl onions to the pot and bring to a light simmering boil.
Add the beef stock, thyme, salt and pepper and bring once again to a simmer on top of the stove. Simmer for 10 minutes.
Place the lid on the Dutch oven and set it in the center of the hot oven. Let it cook in the oven very slowly for 1-1/2 hours.
Mix the remaining cornstarch (2 heaped Tbsp) with a little water so it’s liquid.
Carefully remove the pan from the oven, (with oven mitts… remember the cover is hot!!), and drizzle in the cornstarch mixture while stirring.
Return covered to the oven for another 1/2 to 1 hour. (Note, if it doesn’t get thick enough for your liking, you can add additional cornstarch/water mixture until it is the consistency you prefer.)