Its a powersupply problem in your LCD screen, i had the same thing happen to me- i found a site where you can fix it yourself- heres the link. http://computerguru365.blogspot.com/2008/01/fix-that-lcd-flat-panel-monitor.html I did it and it works.
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The blinking power light is a good indication of a failed power supply board and the white screen backs that diagnosis up. Here is a link to information show what to look for and replace on the power supply board to get the monitor back up and running again. The repair involves replacing parts called capacitors on the power supply board and can be done in less than 20 minutes once you have the parts needed.
There are a few things you can check.
First, try to see if the monitor cables are firmly connected on both sides (computer and monitor) no need to remove any cable for now just check the monitor cables (ends should be blue or white on both sides)
Then check if you got an imput button on your screen (like all TV and some monitors now has) This input gives you the choice between a few possible connections and it may be on the wrong one. Just cycle trough the input modes and I think you will have your image back.
If Still, you dont see anything, try a different monitor or try to connect your monitor on a different PC/laptop.
In fact blinking blue could be there because the monitor is awaiting a signal on the input it's listening. At worst it could be because your video chip/card dont send a signal to your monitor, could happen, but imo it's probably not the case.