For 1 gallon of soup:
Cook the bacon and set aside.
In a large pot heat the butter. Once melted, add carrots, onions, and red peppers. Saute until softened and tender.
Add the beer and chicken base, then bring to a simmer.
Add the water and mix.
Add the cooked bacon and heavy cream, then season with salt and pepper, and any other seasonings you may wish to add.
Bring to a rolling boil, then add the tabasco sauce and cheddar cheese, stirring constantly with a wooden spoon to ensure all the cheese melts.
In a small bowl, spoon out some of the liquid and whisk in the cornstarch until smooth. Once combined, add back into the soup to thicken, stirring constantly to ensure no lumps remain.
Make the Bavarian pretzels and serve warm with the soup.