Cut the bread into slices about ¾-inch thick. Better to keep them on the thick side so they don't break up.
In a mixing bowl, whisk the eggs and the half-and-half together. Then add the sugar, cinnamon, nutmeg and vanilla, and mix until everything is well-blended. Do this by hand—if you use a blender or a food processor, it will get too foamy.
Pour the mixture into a baking dish and lay the bread slices in the liquid. Turn the slices immediately to get both sides coated, then let them soak for 5 minutes, until they're almost falling apart in the center.
While the bread is soaking, drizzle peanut oil in a skillet until a thin layer of oil covers the entire surface and heat it on the stovetop over medium-high heat.
When the oil is hot enough that a drop of water sits in it, set the bread slices in a pan without overcrowding them and shake the pan vigorously so the slices don’t stick. Cook them for 2-3 minutes or until they're golden brown. Flip the slices until they're equally brown on both sides.
When that bread has turned to nicely browned French toast, set the slices on paper towels until you've finished cooking all the bread. You can pad the slices with butter if you want, but they're already plenty rich.
When it's time to serve, warm the syrup in a separate saucepan (you don't want to cool off your French toast with refrigerated syrup). Dust with powdered sugar. If you have fresh blueberries or strawberries, pile them on too.