Benito Mussolini

There is a clear hidden image (if that's not too much of an oxymoron) positioned at the normal 90 degrees from the base... It looks like Benioto Mussolini, El Duce. 

It's another characature and shows Mussolini with his mouth in open address. He did wear a cap as shown and his features are remarkably similar to the real image of the man himself.

Why would Picasso include him here?

Mussolini was allied to Germany, both shared the same political ideologies and supported each other. 

It is interesting to note... Mussolini's mouth is placed right next to a rather detailed depiction of the horses anus. Hitler's characture, shows Hitler's eye right next to the horses anus too.

This cannot be coincidence. And if not, a particularly remarkable piece of strategic composition on Picasso's part.