On the Brink of Major Discoveries in Weak Charm Decays -- a Bismarckian Chance to Make History

The recently obtained strong evidence for $D^0 - \bar D^0$ oscillations from the $B$ factories provides an important benchmark in our search for New Physics in charm transitions. While the theoretical verdict on the observed values of $x_D$ and $y_D$ is ambiguous -- they could be fully generated by SM dynamics, yet could contain also a sizable contribution from New Physics -- such oscillations provide a new stage for \cp violation driven by New Physics. After emphasizing the unique role of charm among up-type quarks, I describe in some detail the \cp phenomenology for charm decays.