There is nothing to fear from the people owning guns. There is EVERYTHING to fear from the government owning guns.
This is the wise Founding Fathers put a rule in the Constitution that ANY monies appropriated for the army would be for a term no longer than 2 years. They did NOT want "standing armies." They expected the people themselves, in the form of militias, would constitute a perfect defense against foreign invasion, and against central government tyranny.