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Remove meat from fridge and cut into ½ inch cubes. Set aside.
Remove the stems (and seeds if you want, for milder heat) from the dried chiles while rinsing them under cold water. Place chiles in a saucepan and cover with broth. Bring to a boil, then reduce heat and simmer, uncovered, for 20 minutes.
Meanwhile, prepare the meat. Season on all sides with salt and pepper and sprinkle with flour. Add oil to a skillet over medium high heat. Once hot, add meat and cook until browned on both sides. Depending on the size of your pan you will need to do this in a few batches to keep from overcrowding.
Remove meat to a plate and set aside. Add onion and jalapeno to the pan and saute for several minutes.
As the onions cook, pour the softened peppers and the broth into a blender. Add the sautéed onion and jalapeno and blend until smooth. Set aside.
Return browned beef (and accumulated juices) back to the pot. Strain the chili sauce from the blender through a fine mesh strainer, into the pot. Add oregano, cumin, paprika, garlic powder and stir well. Add bay leaf.
Bring to a slow boil, then reduce heat to low, cover and simmer for about an hour, or until the meat is very tender.
Uncover and stir in lime juice and cornstarch slurry. Cook for a few more minutes, until the sauce has slightly thickened.
Serve as a stew with tortillas for dipping and a side of Mexican rice and beans.