Karl, which time are you talking about on the Nexus 4?

You can see the time on the notification bar at the top-right corner of the screen, but you can't change its size. The time also appears on the lock screen if you have enabled a screen lock on your phone, but you can't change the size of that either.

If you really want to have a time indicator on the Nexus 4 that you can resize, try using the standard clock widget, available under Widgets in the app drawer. Just tap on the app drawer button while you're on the home screen, select Widgets, and look for either the analog clock or the digital clock widgets. Press and hold either of the two to place them anywhere on the home screen, and do a long-press to access the resize options once you've finished placing them.