GCC 4.3.0 fails to compile old kernel. The solution:

CFLAGS_KERNEL    = -fno-tree-scev-cprop

Set that into the kernel’s Makefile.

REFERENCE:

[1] http://bbs.archlinux.org/viewtopic.php?id=45882

[2] http://bugs.debian.org/cgi-bin/bugreport.cgi?bug=469058

[3] http://lwn.net/Articles/272048/