A no-cook fudge, using confectioners' sugar. In top of double boiler, combine butter and peanut butter and melt. Sift together confectioners' sugar and dry powdered milk; set aside. Add corn syrup, water, and vanilla to the peanut butter mixture. Stir in about half the dry ingredients, blend well, then add the remaining dry ingredients. Blend until very smooth. Stir in chopped peanuts. Turn into a buttered 20 cm square pan. Cut into squares. Makes about 48 pieces.