Heat a large pot over medium heat and cook the chopped bacon until crispy. Move the bacon to a paper towel lined plate and set aside. Drain ⅔ of the bacon grease from the pot, leave the rest.
Return the pot to the stove and add the onion and garlic. Cook until the onion is translucent. Add the flour and stir until the onions are well coated. Slowly whisk in the chicken broth.
Increase the heat to high. Add the corn, potatoes, thyme, salt and pepper. Allow to come to a boil, and then reduce the heat to a simmer. Simmer for approximately 20 minutes, or until the potatoes are fork tender.
Add the heavy cream and simmer for 5 more minutes. Serve with the bacon and green onion if desired.