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It means your PC video output resolution is too high for the LG monitor to display (your old monitor (CRT) can handle higher resolution than this LG LCD monitor), you need to set the PC video resolution to native resolutionof this monitor which is 1280 x 1024 @60Hz. You may have to use the old monitor (CRT) to set the resolution to 1280 x 1024@60Hz, then hook up the LCD monitor.
This is a hardware problem. There's a high wattage resistor inside which normally gets quite hot. Eventually this resistor desolders itself due to heat and breaks the circuit. Any repair-shop can fix this by re-soldering mentioned resistor (it is easy to distinguish it by its brownish color) using a suitable solder or by replacing this resistor by a more powerful one. Another workaround is to change a video mode to, say, 1280x960 or 1152x864 (while in these modes, monitor circuit bypasses the said resistor).