Mr. Chavez also proposed ending autonomy of Venezuela's central bank, which would give him access to billions of dollars from the banks reserves...
Perhaps more importantly, you also gain the ability to print money. How's that saying go? With great power comes great responsibility.
Frankly, I don't think that Chavez has that kinda control. Venezuela is heading directly towards Mugabeland+oil, as exemplified by this blogger.
I wonder how long oil can prop him up. A while, likely, though less if he keeps scaring off oil companies and ensures adequate investment in refineries instead of using all the profits to glorify his brand of socialism. He can certainly afford some more of these, though:
...two-storey-tall inflatable figure of Mr. Chavez.