Eating moldy bread can result in a variety of illness, including vomiting, diarrhea, nausea and stomach cramps, respiratory distress and in rare cases, life threatening allergic reactions. By the time you see mold on a porous food like bread, the mold has spread extensively throughout the bread. You cannot remove the contaminated area.
Eating molded bread is discouraged. It could cause stomach upset, and CNN warns that visible mold is an indication that the food is contaminated with mold that is not visible as well. Mold is likened to a jellyfish with tentacles. Discard, bread, cheese or any moldy food.