Preheat the oven to 350°F. Butter and flour a 9-inch round cake pan, then line with parchment paper. Butter and flour the paper.
Sift together the flour, baking powder, nutmeg, and salt in a large bowl.
Using an electric mixer, cream the butter until it is pale yellow.
Add the vanilla and sugar; mix until fluffy. Beat in the eggs, one at a time.
Gradually add the sifted dry ingredients, being careful not to over-mix the batter. The batter is supposed to be very thick, so don't be alarmed. This will yield a rich, buttery pound cake for breakfast -- what could be finer?!
Transfer the batter to the prepared pan. Tap it on the counter once or twice to release any air bubbles.
Bake until the cake is golden and a toothpick inserted in the center comes out clean, about 25 to 30 minutes. Allow the cake to cool in the pan on a wire rack for about 10 minutes, then remove from the pan to continue cooling.
Once the cake is completely cool, dust with powdered sugar, slice, and serve.