Place them in a colander or kitchen towel and squeeze out as much liquid as possible.
Combine the potatoes in a bowl with the onion, egg, flour, salt and pepper; mix well.
Melt 2 tablespoons of clarified butter in a skillet.
Drop a heaping tablespoon of the potato mixture into the sizzling butter.
Flatten with spatula and cook for 2 minutes.
Turn, flatten again, and cook for another 2 minutes, until crisp of the outside and golden brown.
Serve the pancakes hot from the skillet with a dollop of créme fraiche or sour cream and a teaspoon of caviar.
*Note: To make 6 tablespoons of clarified butter, slowly melt 8 tablespoons of butter in a small saucepan. Set it aside until the milk solids settle. Spoon of any solids that rise to the top and then carefully pour off the golden liquid, leaving the milky part in the bottom of the pan. Clarified butter has a higher burning temperature than melted butter.