Dissolve bouillon in water; set aside.
In a 5 quart Dutch oven, cook bacon until crisp. Remove bacon; crumble and set aside.
In the drippings, sauté green pepper and onion until tender. Add flour; cook and stir until bubbly.
Cook 1 minute longer. Gradually stir in milk and dissolved bouillon; bring to a boil.
Reduce heat; cook and stir until thickened. Add corn and seasonings.
Cook for 10 minutes or until heated through. Sprinkle with bacon.
Servings: 6 to 8