In a stockpot, heat the oil or butter over medium heat. Add the yellow onion and garlic and cook for about 10 minutes until the onions are soft and translucent. Stir in the flour and gradually add the chicken broth. Bring to a boil and add the potatoes, thyme, basil, and smoked paprika. Cook for 5 to 10 more minutes and then turn off the heat. Add the green onions, cheeses, milk, and bacon. Stir until the cheese is melted. Season with salt and pepper and garnish with extra cheese or bacon.