This is an issue with Google Calendar that we have no control over.
Since our user base consists of members in bands who are constantly travelling all over the place, we let users enter times for events in the local time that they occur rather than forcing them to explicitly enter the time zone for each and every thing they do. Our calendar feeds use what is called a “floating time zone” to indicate this. Google Calendar does not support floating time zones, and instead assumes them to be UTC — so your events will all appear to be off by a number of hours equal to your local time zone’s difference from UTC.
If you’d like to add your voice to the crowd of disapproval, feel free to contact google in their calendar support section: http://www.google.com/support/calendar/
If you’d rather we modify our system so that you explicitly set the time zone of your events instead of using floating times, let us know at email@example.com