Question

How does one create this effect?

Well, they used a font for the text (obviously enough).

Then, they made an oval selection around the silence text and on a layer under it, they filled it with black.

On the same layer, they loaded the selection of the font (ctrl+click the font layer). then they did a stroke (edit>stroke) and it looks like a stroke for 5 pixels, outside, in black.

Then, they added the point with a polygonal lasso tool.

Finally, they loaded the selection of the whole black balloon, complete with the stroke and point, and did another stroke, this time white, but again 5 pixels and on the outside.

Enjoy :D