Notice I said "if the US or UK defaults" not "if the US's or UK's rating goes down". Rating loss isn't really isn't relevant to you if you already own a bond.

Notice I said "if the US or UK defaults" not "if the US's or UK's rating goes down". Rating loss isn't really isn't relevant to you if you already own a bond. However, defaulting is. And yes, if you do want to prepare for US/UK default, the best thing you could do is "diversify into firearms and canned goods".