Heat a large pot over medium-high heat and add the olive oil and onions, stirring often until softened. Add the beef and brown, pouring off the excess fat if desired. Stir in 1 cup water, the chili powder, cumin and salt. Add another cup water and mix thoroughly. Cook on medium-high for 30 minutes, then add the saffron.
Simmer uncovered, stirring occasionally, until the meat is tender and the sauce is reduced and thickened, 1 1/2 to 2 hours. Cover and let cool to room temperature and then blend thoroughly in a food processor. Top the hot dogs with the chili and serve.
When blending hot liquids, first let cool for 5 minutes or so, then transfer to a blender, filling only halfway. Put the lid on, leaving one corner open; this will prevent the vacuum effect that creates heat explosions. Cover the lid with a kitchen towel to catch splatters and pulse until smooth.
This recipe was provided by a chef, restaurant or culinary professional. It has not been tested for home use.
Recipe courtesy of Bill and Heavenly Dawson, Wild Bill's Hot Dogs, Seaside, FL