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Heat a large soup pot to medium heat with olive oil. Add onions and bell pepper and cook for 3 minutes to soften slightly. Add garlic, tomato paste, and chili paste, and stir to combine. Cook for 2 minutes more, then sprinkle with flour. Stir flour into mixture for 2 minutes, then add drained hominy and chicken broth. Bring to a boil (increase heat if you need to), and let posole thicken and reduce slightly.
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Taste, and add salt, hot sauce, or more chili paste to your preference (this will depend on salt content and spice of stock and chili paste). When posole tastes perfect, let simmer for 10-20 minutes more. Prepare any toppings you'd like to use, and serve!
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Notes:
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1. I have a Mexican neighbor who makes her own chili paste, and I have a jar of it in my fridge that is pretty much the best thing ever. If you don't have a Mexican neighbor and can't find chili paste in the store, do the following: remove stems and seeds from 2 dried ancho chilis. Pour 1 cup boiling water over them and let sit for 20 minutes to soften. When peppers are soft, fish out of the water (reserve water) and add to a blender with 1 clove of garlic and 1 teaspoon apple cider vinegar and a pinch of salt. Blend until smooth, and add 1 tablespoon chili water at a time to thin mixture if needed. Use in posole, starting with 1 tablespoon and adding more as you prefer for spice level.
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2. Make-ahead: You can make this up to 4 days in advance. Store covered in soup pot in the fridge, or earlier in the day and leave it (stove off) on the stovetop. Reheat by turning stove to medium-low, and add a bit more stock or water if posole has thickened too much.
