I finally fixed this WordPress blogs speed issues. The problem was found to be, as expected, with just one plugin. The plugin Flickr Manager, and more specifically the plugins widget, was causing the site to slow done to almost a crawl.
Issues are now fixed and the expected speed is back to what it was. As I believe I have explained before the speed of this blog can be contributed to W3TC(W3 Total Cache) a WordPress plugin and Memcached a general-purpose distributed memory caching system made by Danga Interactive.
I am making plans to do some blogging again on this blog so I needed the speed to be awesome once again.