Dissolve bouillon in water; set aside. In a5-qt. Dutch oven, cook bacon until crisp. Remove bacon; crumble and set aside.
In the droppings, saute Green pepper and onion until tender. As for; 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.