In a medium sized dutch oven, on medium heat add your bacon. Cook the bacon, stirring it every now and then so it does not stick or burn on the bottom of the pot. With a slotted spoon, remove the cooked bacon and drain it on a paper plate of plate covered with papertowels. You only need 2-3 tablespoons of bacon fat, so you will want to pour out any excess fat into a separate bowl.
Add the leeks to the hot bacon fat and stir with a wooden spoon to coat the leeks. While the leeks cook, peel the potatoes and cut them into small cubes (the smaller the potatoes, the faster they will cook).
Add the potatoes to the leeks and stir to coat them with the bacon fat.
Add the bay leaf, sprigs of thyme and water to the pot. Stir everything together, scraping the bottom of to pot as you good. You want to scrap up any bits of caramelized bacon fat on the bottom of the pan, that is pure flavor and deliciousness.
Cover the pot, turning the heat up to high and bring to a roaring boil. Cook everything until the potatoes become fork tender, about 8-10 minutes.
Once tender, turn off the heat and let the mixture cool about 5 minutes. With an immersion blender, blend everything the pot until silky smooth
. Add the 1/2 Cup light cream, salt and white pepper to the soup and cook on medium heat for an additional 5 minutes.