  Aims: We summarize the current observational picture of the outbursts of
black-hole X-ray transients (BHTs), based on the evolution traced in a
hardness-luminosity diagram (HLD), and we offer a physical interpretation.
  Methods: The basic ingredient in our interpretation is the Poynting-Robertson
Cosmic Battery (PRCB, Contopoulos & Kazanas 1998), which provides locally the
poloidal magnetic field needed for the ejection of the jet. In addition, we
make two assumptions, easily justifiable. The first is that the mass-accretion
rate to the black hole in a BHT outburst has a generic bell-shaped form. This
is guaranteed by the observational fact that all BHTs start their outburst and
end it at the quiescent state. The second assumption is that at low accretion
rates the accretion flow is geometrically thick, ADAF-like, while at high
accretion rates it is geometrically thin.
  Results: Both, at the beginning and the end of an outburst, the PRCB
establishes a strong poloidal magnetic field in the ADAF-like part of the
accretion flow, and this explains naturally why a jet is always present in the
right part of the HLD. In the left part of the HLD, the accretion flow is in
the form of a thin disk, and such a disk cannot sustain a strong poloidal
magnetic filed. Thus, no jet is expected in this part of the HLD. The
counterclockwise traversal of the HLD is explained as follows: the poloidal
magnetic field in the ADAF forces the flow to remain ADAF and the source to
move upwards in the HLD rather than to turn left. Thus, the history of the
system determines the counterclockwise traversal of the HLD. As a result, no
BHT is expected to ever traverse the entire HLD curve in the clockwise
direction.
  Conclusions: We offer a physical interpretation of accretion and ejection in
BHTs with only one parameter, the mass transfer rate.
