Well, it may as well be, considering the anti-Israel and anti-Semitic sentiments expressed by its leaders: http://www.nytimes.com/2007/11/21/world/americas/21venez.html?_r=1&oref=slogin. Hugo Chavez and Mahmoud Ahmadinejad have long been buddies, united by a hatred of the United States and Israel. Well, retired General Raul Baduel, one of Chavez' erstwhile supporters, has come out against the Chavistas, and he has furthermore met with Jewish leaders in Venezuela. This move has caused considerable consternation among Chavez' supporters, who have started mumbling about "Zionist plots" and the like.
It really does seem as though Venezuela is just a few steps removed from outright anti-Semitic legislation, and if Hugo Chavez gets the changes to the country's constitution that he wants, it is not unreasonable to think that they (anti-Semitic laws) might be next.