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Combine water and bouillon cubes in a dutch oven; bring to a boil. Add diced potatoes; cover and simmer 10 minutes or until tender. Drain potato, and set aside. Drain clams, reserving juice. Set clams and juice aside. Cook bacon and onion in a medium skillet over medium high heat, stirring constantly, until bacon is crisp and onion is tender. Remove bacon and onion, reserving 2 Tablespoons drippings. Set bacon and onion aside. Combine reserved drippings and butter in dutch oven; cook over low heat until butter melts. Add flour, stirring until smooth. Cook 1 minute, stirring constantly. Gradually add reserved clam juice and milk; cook over medium heat, stirring constantly, until thickened and bubbly. Remove from heat; stir in potato, clams, bacon mixture, salt and pepper. Cook, stirring constantly, until thoroughly heated (do not boil). Serve with oyster crackers.
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