Melt butter in a large pan over medium heat. Add onion. Once onions start to soften, turn heat down to medium-low and cook until golden brown, about 25 minutes, stirring often.
Remove onions to a bowl and set aside.
Sprinkle salt, garlic powder, onion powder, cayenne and black pepper on both sides of pork chops.
Add olive oil to pan and place over medium-high heat. Once hot, add pork chops.
Cook pork chops until nicely browned on both sides, about 5 minutes per side. Remove from pan and set aside. (note: they don't have to be all the way cooked at this point.)
Sprinkle flour on bottom of pan and cook 1 minute.
Gradually whisk in broth, buttermilk, and water.
Let come to a simmer and return pork chops and onion to pan.
Simmer 10 minutes or until pork chops are done.
Season to taste with salt and pepper.
Notes
A cast iron pan is best for this recipe, but any kind of heavy-bottomed pan/skillet is fine.