MELT butter in a large pot set over medium heat. Add onion, thyme, white and cayenne peppers; cook until onions are tender, 3 to 4 minutes. Combine chicken broth, beer and 2 tablespoons corn starch, stirring until corn starch is dissolved. Add to pot and bring to a boil. Reduce heat.
SIMMER 5 minutes. Add cream.
TOSS cheese with 1 tablespoon corn starch. Gradually add cheese to soup, stirring until melted before adding more cheese. If desired, add hot sauce.
SERVE immediately. Delicious served with Peppered Parmesan Shortbread.