In bowl of stand mixer fitted with a paddle attachment, combine flour, yeast, sugar, salt, ginger and nutmeg; mix well to combine ingredients.
In saucepan heat milk, water and shortening to 120-130°F (shortening does not need to melt); add to flour mixture. Add eggs. Blend at low speed until moistened; beat 2 minutes at medium speed until smooth.
Cover; let rise in warm place until bubbly and doubled, about 1 hour. Stir down batter.
Preheat griddle to 375°F.
Pour batter on greased griddle, forming about 3-inch diameter circles. Cook until golden brown. Flip pancakes with spatula and cook other side until golden brown.
Serve hot, topped with syrup, warm applesauce or your favorite fruit sauce. For dessert pancakes, spread warm cakes with your favorite jam or preserves and roll, topping with whipped cream or powdered sugar.