The Collaborative International Dictionary
baloney \ba*lo"ney\, n.
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[Believed to be derived form balogna, but perhaps also influenced by blarney.] nonsense; foolishness; bunk; -- also used as an interjection. [Also spelled boloney.]
No matter how thin you slice it, it's still baloney!
--Al Smith. informal variant of bologna[2], for bologna sausage.
Wikipedia
Bologna sausage, sometimes phonetically spelled baloney , boloney or polony, known in Europe as a Lyoner, is a sausage derived from Mortadella: a similar-looking, finely ground pork sausage containing cubes of lard, originally from the Italian city of Bologna . U.S. Government regulations require American bologna to be finely ground and without visible pieces of lard. Bologna can alternatively be made out of chicken, turkey, beef, pork, venison, combined or soy protein. Unlike the mortadella, bologna sausage is not an Italian product and several differences among process and ingredients are seen. Typical seasoning for bologna includes black pepper, nutmeg, allspice, celery seed, coriander, and like mortadella, myrtle berries give it its distinctive flavor.
Polony is the name for a large sausage created from a mixture of beef and pork that is popular in South Africa and was very popular in Britain. Polony is now eaten less often. It can be stored for long periods, sometimes many weeks. Polony is highly seasoned before being hot smoked. It is then cooked in boiling water when required. In Australia polony means Devon (sausage) and in New Zealand a polony is a bright pink-red mini-sausage of mixed processed meats, essentially tiny versions of the South African type.