Fry bacon in a large saucepan until crisp. Drain, reserving 1 tablespoon of the drippings. Use the bacon for another purpose.
Fry the onions in the reserve drippings, on medium high heat until caramelized or dark golden brown. Don't burn.
Reduce heat to medium low. Deglaze the saucepan with water. Stir in the Peach Schnapps, raisins, jalapeno and garlic. Simmer for 10 minutes or until the mixture is of a syrupy consistency, stirring occasionally.
Remove from heat and place the mixture in a blender with Balsamic vinegar, apple, tangerine juice concentrate, pineapple juice concentrate, molasses, apple cider vinegar, lemon and lime juice. Process until pureed and return to the saucepan. Add corn syrup, tomato paste, brown sugar, Worcestershire sauce, mustard, chili powder, Maggi seasoning, salt, red pepper flakes, black pepper and cayenne. Mix well. Bring to a low boil, under medium heat, stirring frequently. Reduce heat to low. Simmer for 20 minutes, stirring occasionally.
Remove from heat. Stir in Kahlua and liquid smoke.