Cheap Thoughts: flash magnetism

Wouldn’t it be cool if you could “flash magnetize” ferrous metal? Put a current or magnetic field into something, magnetize it, remove power/field and STILL have it be magnetic? And more importantly, demagnetize it instantly. Passive electromagnetism. I know you can impart magnetism into certain things but how strongly can this be done?

This may all be simple stuff to others, I don’t know. It’s been a while since I’ve played with magnets and motors so I’ve forgotten a lot. Seems useful to have an electromagnet which only uses electricity to change its state.

Update: This is exactly what I need: an Electropermanent magnet. Interesting!