Fry the minced bacon in a large pot over medium heat until the fat renders and the bacon crisps, about 5 minutes.
Add the onion to the bacon and drippings, and sauté until softened, about 5 minutes.
Add the flour and stir until the flour takes on a little color, about 1 minute.
Gradually whisk in the canned and bottled clam juices (do not add the clams yet) and 3 cups water.
Add the potatoes, bay leaf, and thyme, and bring to a simmer. Reduce the heat to low and continue to simmer until the potatoes are tender, about 10 minutes.
Add the clams, cream, and parsley, and season to taste with salt and pepper.
Bring the pot to a simmer to heat through. Then remove from the heat and serve.