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@Crotalito, your dictionary is incorrect if it says that 'bleed' means sangrado. 'Bleed' is a verb. Desangrar or sangrar is the translation.
The topic of this thread has nothing to do with the verb 'bleed', however. The topic is the idiomatic expression 'to bleed white'.
The expression means 'to cause someone hardship by cutting off all their supplies'.
'Quitar dinero a' o 'quitar bienes a' are good translations of the expression, in my opinion.
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