Peel and half onion. Then cut each half into ¼-inch rings. In a dutch oven or large heavy bottomed saucepan, add olive oil and heat over medium high heat. Saute onion rings until soft and starting to turn brown and caramelize (about 8-10 minutes). The caramelization of the onions gives the soup a delicious flavor.

Meanwhile, wash and peel the potatoes and slice them into thin slices about ⅛-inch thick (I use a mandolin slicer for this).

When onions are soft and caramelized, add potatoes and chicken broth and heat on high until it comes to a boil. Turn down heat to medium to maintain a rolling bowl. Then cover pot and cook for about 45 minutes, stirring often until potatoes and onions are very tender and starting to dissolve and thicken soup, but not completely.

Remove about 3 cups of hot soup liquid (leaving as many potatoes as you can in the pot) and carefully blend with 1 8-ounce package cream cheese until cheese is dissolved and mixture is creamy. 

Return cream cheese mixture to soup pot and add butter, frozen corn, and cream. Stir until butter is dissolved and soup is heated through. 

Taste and add additional salt and pepper, if need. Serve with cooked, crumbled bacon, if desired.