Special equipment: a deep-frying thermometer
Fill a medium Dutch oven halfway with canola oil and heat until a deep-frying thermometer registers 375 degrees F. Set a rack over a baking sheet.
Put the chocolate chips in a small bowl. Heat the heavy cream in a small pot until almost to a boil. Pour the cream over the chocolate chips and allow to sit for 1 minute. Stir until completely smooth. Reserve the sauce while you fry the cookies--it will thicken as it cools.
Whisk together the flour, powdered peanut butter, granulated sugar, baking powder and baking soda in a medium bowl. Add the buttermilk and egg and whisk until just combined.
Add 7 cookies to the batter and use a fork to completely coat them in the batter. Add the cookies 1 at a time to the hot oil until all 7 are added. Fry, turning the cookies occasionally with a slotted spoon, until puffed and golden brown, 2 to 3 minutes. Use the slotted spoon to transfer the fried cookies to the rack on the baking sheet. Repeat the frying process with the remaining cookies and batter.
Stack the fried cookies on a platter and sift confectioners' sugar over the top. Serve immediately with the chocolate sauce for dipping.
When measuring flour, we spoon it into a dry measuring cup and level off the excess. (Scooping directly from the bag compacts the flour, resulting in dry baked goods.)
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