A lot of diplomats and national security types are going to spend a lot of time looking at ALBA, and they won't be watching the Fantastic Four movies. That's the Chavez-centric burgeoning leftist trade grouping, which he now wants to include a defense pact.
ALBA is the Bolivarian Alternative for the Americas, or Alternativa Bolivariana para las Américas en Español. 19th Century revolutionary Simon Bolivar is Chavez's poster boy; Bolivar was a key fighter for independence from Spain for a number of Latin American countries.
Could the "defensive" nature of this pact, which would likely include Cuba, Venezuela, Nicaragua and Bolivia, turn offensive as they reach across their borders to attack foes of the "Bolivarian revolution" in neighboring countries.
We could well be seeing a Latin American Cold War, as some proxy wars could break out, pitting non-leftists and Chavez's Bolivarians around Latin America. Hopefully, saner heads will prevail before invasions start taking place, but this is starting to look a bit more than just some hot-headed jefe running his mouth.