In a heavy bottom soup pot, heat oil and add onion; saute 2-3 minutes or until browned.
Add veal cubes and saute quickly, stirring until lightly browned.
Add paprika and stir quickly so as not to burn, add water and chicken base; mix well.
Add tabasco, garlic, worcestershire sauce, caraway seed.
Cover and simmer for 1 hour.
Mix cold water with cornstarch, whisk into pot, bring to simmer for 10 minutes.
Stir in heavy cream and remove from heat.