Here's a link to a picture of the sign is someone who knows how to do it can post it...
http://wate.static.worldnow.com/images/3195806_BG1.jpg
I'm not catholic and I can see why catholics would be offended because I find it offensive myself.
Actually, one could take it as a self-condemnation.
He doesn't say, "There is no truth and no hope if you are following a hell-bound Pope."
He writes, "No truth. No Hope. Following a hell-bound Pope."
Given the lack of verbs, I would take that a description of himself: He has no truth, he has no hope, and he is following a hell-bound Pope: himself.
I shall say a prayer that his description of himself is incorrect.