Hugo Chavez is a strutting and vile buffoon who likes to pretend he's a force to be reckoned with in Latin America and the world.
Mostly, he's a threat only to his own people. He is the founding father of the Axis of El Vil, and the really evil guys must look at him as a mere Clown Price of Evil--amusing, but who is potentially useful as an idiot savante if he wants to take his Infidel nation on a viking funeral ride for the benefit of the jihad. While Hugo dabbles in the world of real evil by chatting up the Iranians and Syrians, he remains just a white suburban rapper in the real world of gangsta' evil. In the end, his exercise in stroking his own ego is just playing with himself.
Hugo survives because he is just a joke and it isn't worth our trouble to deal with him, despite his very real support for terrorists and rogue states.
Still, it isn't difficult to quickly think of JDAMs whenever Hugo's name comes up. Now that would be a happy ending.