In large saucepan stir together beer, the 3/4 cup water, bay leaf, 1/2 teaspoon salt, thyme, and ground pepper. Stir in meat. Bring to boiling. Reduce heat. Cover and simmer for 55 minutes. Add onions and green or red peppers and simmer about 20 minutes or until beef is tender. Remove bay leaf.
Stir together the 1/4 cup water and flour. Stir flour mixture into meat mixture. Cook and stir until thickened and bubbly. Cook and stir for 2 minutes more. Serve over hot egg noodles. Makes 4 servings.