Fry bacon in medium saucepan (I used a medium enameled dutch oven) over medium-low heat until fat renders and bacon crisps, 5 to 7 minutes. Add onion to bacon; sauté until softened, about 5 minutes.
Add flour; stir until lightly colored, about 1 minute. Gradually whisk in bottled clam juice, reserved clam juice from clams, and water.
Add potatoes, bay leaves, and thyme; simmer until potatoes are tender, about 6 minutes (don’t overcook the potatoes or they will become mushy after adding the cream and bringing to a simmer!).
Add clams, cream, parsley, and salt and ground pepper to taste (be careful not to oversalt!); bring to simmer.
Remove from heat and serve.
